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Canopy Growth Announces Private Placement of up to US$50 Million
Canopy Growth Announces Private Placement of up to US$50 Million Canada NewsWire ...
About this update from Canopy Growth Corporation
[{"type":"text","content":"\n \n \n \n Canopy Growth Announces Private Placement of up to US$50 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n SMITHS FALLS, ON\n \n \n ,\n \n \n Sept. 18, 2023\n \n \n /CNW/ - Canopy Growth Corporation (\"\n \n Canopy Growth\n \n \" or the \"\n \n Company\n \n \") (TSX: WEED) (Nasdaq: CGC), today announced that it has entered into subscription agreements (the \"\n \n Subscription Agreements\n \n \"), dated\n \n September 18, 2023\n \n , with certain institutional investors (the \"\n \n Investors\n \n \") in a private placement offering (the \"\n \n Offering\n \n \") of 22,929,468 units (\"\n \n Units\n \n \") at a price per Unit of\n \n US$1.09\n \n for aggregate gross proceeds of approximately\n \n US$25,000,000\n \n . The Investors also hold an over-allotment option to acquire up to an additional 22,929,468 Units at a price per Unit of\n \n US$1.09\n \n for aggregate gross proceeds of\n \n US$25,000,000\n \n at the discretion of the Investors at any time on or before\n \n November 2, 2023\n \n (the \"\n \n Over-Allotment Option\n \n \").\n \n \n \n \n \n \n \n \n \n The purpose of the offering is to provide the Company with additional liquidity of up to US$50MM to further strengthen Canopy Growth's financial position and is expected to be used for working capital and other general corporate purposes.\n \n \n Each Unit will be comprised of one common share of the Company (a \"\n \n Common Share\n \n \") and one Common Share purchase warrant (a \"\n \n Warrant\n \n \"). Each Warrant will entitle the holder to acquire one Common Share from the Company at a price equal to\n \n US$1.35\n \n for a period of five years from the date of issuance. The Company has also agreed to provide the Investors with customary registration rights.\n \n \n The closing of the private placement pursuant to the Subscription Agreements (not including the Over-Allotment Option) is expected to occur on or about\n \n September 19, 2023\n \n , subject to customary closing conditions.\n \n \n This news release is issued pursuant to Rule 1...