Business
Cronos Announces Closing of Non-Brokered Private Placement
Cronos Announces Closing of Non-Brokered Private Placement Canada NewsWire TORON...
About this update from Cronos Group Inc
[{"type":"text","content":"\n\n\n\nCronos Announces Closing of Non-Brokered Private Placement\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\nCanada NewsWire\nTORONTO, Sept. 26, 2017\n\n\n\nTORONTO, Sept. 26, 2017 /CNW/ - Cronos Group Inc. (TSX-V: MJN) (OTC – Nasdaq International Designation: PRMCF) (\"Cronos Group\" or the \"Company\") is pleased to announce the closing of its non-brokered private placement of approximately 6,666,667 common shares at a price of CAD$2.25 per share, following an upsizing from 4,444,444 common shares after increased investor demand (the \"Offering\"). The issuance by the Company for the Offering results in total gross proceeds of approximately CAD$15,000,000. The net proceeds from the Offering will primarily be used for working capital and general corporate purposes and to fund the continued expansion of the Company's production capacity.  \n\n\n \n \n\n \n\"We are extremely fortunate to have investors that share our vision and are focused on the long term.  Our strategic capital partners add intangible value that doesn't show up on the balance sheet,\" said Mike Gorenstein, CEO of Cronos.  \n\nWilliam Hilson, Chief Financial Officer of the Company and an insider as defined in Policy 1.1 of the TSX‑V, subscribed for 17,567 common shares (the \"Insider Shares\") in the Offering. Such subscription constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and Policy 5.9 – Protection of Minority Security Holders in Special Transactions of the TSX-V (the \"Related Party Transaction\"). In connection with the Related Party Transaction, the Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company is exempt from the formal valuation requirement of MI 61-101 in reliance on section 5.5(b) of MI 61-101 as no securities of the Company are listed or quoted on the Toronto Stock Exchange, Aequitas NEO Exchange Inc., the New York Stock Exchange...