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Maricann Group Announces Closing of Previously Announced Private Placement Raising Gross Proceeds of $37.4 Million
Maricann Group Announces Closing of Previously Announced Private Placement Raising Gross Proceeds of $37.4 Million.
About this update from Wayland Group Corp
[{"type":"text","content":"\nNot for dissemination or distribution in the United States or through U.S. newswire services.\n TORONTO, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Maricann Group Inc. (CSE:MARI) (Maricann or the “Company”) announced today that it has closed its previously disclosed private placement of special warrants (\"Special Warrants\") at a price of $1.60 per Special Warrant raising gross proceeds of approximately $37.4 million (the \"Offering\").  Canaccord Genuity Corp. and GMP Securities L.P., acted as joint bookrunners and co-lead agents (together, the “Agents”) to the Offering. Each Special Warrant is automatically exercisable (without payment of any further consideration) into units of the Company (the “Units”) on the date that is the earlier of: (i) the date that is three business days following the date on which the Company obtains a receipt from the applicable securities regulatory authorities in the Province of Ontario and each of the jurisdictions in Canada in which the Special Warrants are sold (collectively, the “Securities Commissions”) for a (final) prospectus qualifying the distribution of the Units issuable upon exercise of the Special Warrants (the “Qualification Prospectus”) and (ii) the date that is four months and one day after the Closing Date (as hereinafter defined), subject to adjustment in certain events.  In the event the Company has not received a receipt from the Securities Commissions for the Qualifying Prospectus before October 4, 2018, each unexercised Special Warrant will thereafter entitle the holder to receive upon the exercise thereof, at no additional consideration, 1.05 Units (instead of one Unit). Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”).  Each Warrant is exercisable to acquire one common share of the Company (a “Warrant Share”) for a period of two years following the Closing Date at an exercise price of $1.75 per share, subject to adjustment in certain events.  The Company may accelerate the expiry date of the Warrants on not less than 30 days’ notice should the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the “CSE”) (or ...