Business
PharmaCielo and AAJ Announce Private Placement of Subscription Receipts of PharmaCielo for Proceeds of up to $60 Million
PharmaCielo and AAJ Announce Private Placement of Subscription Receipts of PharmaCielo for...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"\n\n\n\nPharmaCielo and AAJ Announce Private Placement of Subscription Receipts of PharmaCielo for Proceeds of up to $60 Million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 23, 2018\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\nAll financial figures in Canadian Dollars ($) unless otherwise noted\n\n\n\nTORONTO, April 23, 2018 /CNW/ - PharmaCielo Ltd. (\"PharmaCielo\" or the \"Company\"), the Canadian parent of Colombia's largest and most advanced producer of cannabis oil (PharmaCielo Colombia Holdings S.A.S.), with cultivation and production operations located in Rionegro, Colombia, and AAJ Capital 1 Corp. (\"AAJ\") today jointly announce that PharmaCielo has appointed a syndicate of agents co-led by Echelon Wealth Partners Inc., Cormark Securities Inc. and GMP Securities L.P., (together, the \"Agents\") to sell on a commercially reasonable efforts private placement basis, subscription receipts of PharmaCielo (the \"Subscription Receipts\"), for aggregate gross proceeds of up to approximately $60.0 million at a price of $3.35 per Subscription Receipt (the \"Offering\"). The Agents will also have an option (the \"Agents' Option\"), exercisable, in whole or in part, up to 48 hours prior to the closing date (of the offering), to increase the size of the Offering by up to an additional 15% of the number of Subscription Receipts sold under the Offering for additional gross proceeds to PharmaCielo of up to $9.0 million.\n\nPrivate Placement The Offering will consist of a private placement of Subscription Receipts. Each Subscription Receipt will be exchangeable for one common share of PharmaCielo (a \"PharmaCielo Share\"), without any additional consideration or any further action on the part of the holder, and will ultimately entitle the holder thereof to one common share in the capital of the Resulting Issuer (as such term is defined below) (the \"Resulting Is...