$75 Million raised at $3.50 per share...Simply Amazing ?????ABcann Global Completes $70 Million Bought Deal Financing and $4.8 Million Exercise of Underwriters Over-Allotment Option Email Print Friendly Share February 28, 2018 09:28 ET | Source: ABcann Global Corporation 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. NAPANEE, Ontario, Feb. 28, 2018 (GLOBE NEWSWIRE) -- ABcann Global Corporation (TSXV:ABCN) (ABcann or the Company) is pleased to announce that it has closed its bought deal financing, as previously announced on January 29, 2018, of: (i) 11,500,000 units (each, a Unit) of the Company at a price of $3.50 per Unit, for aggregate gross proceeds of $40,250,000 (the Unit Offering); and (ii) 30,000 6.0% unsecured convertible debentures (each, a Convertible Debenture) of the Company at a price of $1,000 per Convertible Debenture, for aggregate gross proceeds of $30,000,000 (the Debenture Offering and collectively with the Unit Offering, the Offering). The Offering was conducted by a syndicate of underwriters led by Canaccord Genuity Corp. and Eight Capital and including GMP Securities L.P. and PI Financial Corp. (collectively, the Underwriters). In addition, the Offering included 862,500 Warrants (defined below) and 4,500 Convertible Debentures sold pursuant to the exercise of the Underwriters over-allotment option, for additional aggregate gross proceeds of $4,793,250. Completion of the Offering further increases our cash position to over $135 million and will allow us to pursue multiple opportunities and execute our strategic vision, stated Barry Fishman, ABcanns Chief Executive Officer. The Units and the Convertible Debentures were offered by way of a short form prospectus (the Prospectus) in all provinces of Canada except Quebec. The net proceeds of the Offering will be used for the expansion of the Companys Vanluven facility, construction and development at the Companys Kimmett facility, corporate development, product development and general working capital. The Prospectus also qualified the distribution of 20,000,000 common shares of the Company (each, a Common Share) issuable on conversion of the $30,000,000 of aggregate principal amount of 7.0% unsecured convertible debentures of the Company issued on December 21, 2017.