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Zenabis Announces Overnight Marketed Public Offering of Units for Proceeds of Approximately 6 Million
Zenabis Global Inc. (TSX:ZENA) (“Zenabis” or the “Company”) is pleased to announce that it is commencing a “best efforts” overnight marketed offering of units (“Units”) of the Company (the “Offering”) for gross proceeds of approximately $6,000,000 with ATB Capital Markets Inc., as lead agent on behalf of a syndicate of agents to be formed (collectively, the “Agents”).
Each Unit will be offered at a price of $0.085 per Unit and will consist of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”) to purchase a Common Share at a price of $0.10 for a period of 60 months following the closing date of the Offering. The Units will be offered in each of the provinces of Canada, except Qubec, pursuant to a prospectus supplement to the Company's base shelf prospectus dated April 9, 2019 (the “Shelf Prospectus”).
Zenabis intends to use the net proceeds of the Offering for general working capital and corporate purposes and the partial repayment of the Company’s unsecured convertible debentures.