Business
Green Growth Brands Closes C$50.2 Million Bought Deal Financing
Green Growth Brands Closes C$50.2 Million Bought Deal Financing.
About this update from Green Growth Brands Inc
[{"type":"text","content":"\n\n\n\nGreen Growth Brands Closes C$50.2 Million Bought Deal Financing\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGreen Growth Brands Closes C$50.2 Million Bought Deal Financing\nCanada NewsWire\nCOLUMBUS, OH, Aug. 22, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR THE DISSEMINATION, DISTRIBUTION, RELEASE OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES./\nCompletion of bought deal financing and previously announced C$102 million backstop commitment reflects confidence of long-term investors in GGB\n COLUMBUS, OH, Aug. 22, 2019 /CNW/ - Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) (\"GGB\" or the \"Company\") announced today the closing of its previously announced \"bought deal\" short form prospectus offering (the \"Offering\") of units of the Company (\"Units\") for aggregate gross proceeds of C$50,225,000.\n\"We are pleased to announce the completion of our first equity raise as a public company since our October 2018 RTO,\" said Peter Horvath, CEO of Green Growth Brands. \"The proceeds of this bought deal financing, combined with the recently announced $102.7 million backstop commitment, which was led by the Schottenstein family, support continued execution against our strategy to deliver industry-leading consumer experiences and product innovation in Cannabis and CBD.  Our consumer-facing, merchant-led team is our most critical differentiator — for customers, shareholders and competitors.\"\nUnder the Offering the Company sold a total of 20,500,000 Units at a price of C$2.45 per Unit.  Each Unit is comprised of one common share of the Company (a \"Common Share\") and one half of one common share purchase warrant of the Company (each full warrant, a \"Warrant\").  Each Warrant entitles the holder thereof to acquire one Common Share (an \"Underlying Common Share\") at a price of C$3.50 per Underlying Common Share, subject to adjustment in certain events, for a period of 3 years from issuance.\nThe Warrants have been approved for listing on the Canadian Sec...