Business
Sugarbud Announces Closing of Fully Subscribed $4.0 Million Public Offering of Secured Convertible Debenture Units and Provides Corporate Update
Sugarbud Announces Closing of Fully Subscribed $4.0 Million Public Offering of Secured Con...
About this update from Sucro Limited
[{"type":"text","content":"\n\n\n\nSugarbud Announces Closing of Fully Subscribed $4.0 Million Public Offering of Secured Convertible Debenture Units and Provides Corporate Update\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\nCALGARY, AB, June 24, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./\n CALGARY, AB, June 24, 2020 /CNW/ - Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) (\"Sugarbud\" or the \"Company\") is pleased to announce the closing of its previously announced public offering (the \"Offering\") of secured convertible debenture units of the Company (each, a \"Debenture Unit\"), for aggregate gross proceeds of $4,000,000 (the \"Offering\"). The Offering was led by Mackie Research Capital Corporation as sole bookrunner and lead agent (the \"Agent\"). \n\n \n \n \n \n \n \n\n \nThe net proceeds received by Sugarbud from the Offering are intended to be used to expand its cultivation capabilities in Phase 1a of the Stavely Facility by an additional 4,000 sq. ft. of bloom canopy across four new layers of vertical cultivation space and for working capital and general corporate purposes. To accommodate the completion of Phase 1a, Sugarbud intends to use a portion of the proceeds of the Offering to complete final installation of additional HVAC equipment, vertical racking systems, environmental controls and LED lighting. The Company expects to complete these capacity upgrades to Phase 1a by the end of 2020, supporting the growth of its Craft Cannabis Collection which is comprised of superior high potency, terpene-rich dried flower and pre-roll cannabis products.  \n\"We are very pleased with the result of our public offering of secured convertible debentures and warrants, and view the outcome as yet another strong vote of confidence in the combined leadership of our management team, a very disciplined and focused business model and most importantly our ability to deliver strong operational and financial results,\" s...