I don't think this will stimulate the share price!
VANCOUVER, British Columbia, June 11, 2020 (GLOBE NEWSWIRE) -- Champignon Brands Inc. (“Champignon” or the “Company”) (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF), a human optimization sciences company with an emphasis on ketamine and psychedelic medicine, is pleased to announce the closing of its previously announced "bought deal" private placement (the "Offering") of units of the Company ("Units") for aggregate gross proceeds of $15,000,375 which includes the full exercise of the option granted to the Underwriters (as defined below).
A total of 17,647,500 Units were sold pursuant to the Offering at a price of $0.85 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 whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share (a "Warrant Share") at a price of $1.15 per Warrant Share until June 11, 2022. The Offering was completed by a syndicate of underwriters co-led by Canaccord Genuity Corp. and Eight Capital, and includes Gravitas Securities Inc. (collectively, the “Underwriters”). All securities issued pursuant to the Offering are subject to a statutory four month and one day hold period.
The Company intends to use the net proceeds of the Offering for the Company’s North American clinical expansion program as well as for general working capital purposes