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Curaleaf Holdings Announces Closing of C$34.06 Million Private Placement of Subordinate Voting Shares
Curaleaf Holdings Announces Closing of C$34.06 Million Private Placement of Subordinate Vo...
About this update from Curaleaf Holdings, Inc.
[{"type":"text","content":"\n\n\n\nCuraleaf Holdings Announces Closing of C$34.06 Million Private Placement of Subordinate Voting Shares\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\nWAKEFIELD, Mass., July 21, 2020\n\n\n\nWAKEFIELD, Mass., July 21, 2020 /CNW/ -- Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (\"Curaleaf\" or the \"Company\"), a leading vertically integrated cannabis operator in the United States, announces today the closing of the private placement offering previously announced on July 2, 2020 (the \"Offering\"). Pricing of the initial tranche of the Offering was set on July 2, 2020. Under the initial tranche, subscribers purchased an aggregate of 3,541,429 subordinate voting shares of the Company (the \"Subordinate Voting Shares\") at a price of C$7.70 per Subordinate Voting Share for aggregate gross proceeds of approximately C$27,269,003.  Subsequent to setting the initial tranche, the Company secured a second tranche investment, which is part of the Offering closing today.  Under the second tranche, a subscriber purchased 842,269 Subordinate Voting Shares at a price of C$8.058 per Subordinate Voting Share for gross proceeds of approximately C$6,787,003.  \nIn aggregate, the Offering generates approximately C$34,056,007 in gross proceeds for the Company in exchange for 4,383,698 Subordinate Voting Shares at an average price of approximately C$7.77 per Subordinate Voting Share.\nJoseph Lusardi, CEO of Curaleaf, stated, \"Our successful completion of this private placement further strengthens Curaleaf's balance sheet and provides additional flexibility to support our future expansion initiatives as we look to extend our leadership position in the fast growing U.S. cannabis market.\"\nThe Offering was conducted in connection with the anticipated closing of the proposed and pending acquisition of GR Companies, Inc. d/b/a ‎Grassroots. Net proceeds of the Offering are intended to be used to fund Grassroots' high-return expansion projects, replenish its working capital as well as for general corporate purposes.\nCanaccord Ge...