MediPharm Labs Raising C$20 Million in Bought-Deal OfferingMediPharm Labs Raising C$20 Million in Bought-Deal Offering of Share Units 2021-03-01 04:38:25 PM ET (MT Newswires)
04:38 PM EST, 03/01/2021 (MT Newswires) -- MediPharm Labs (LABS.TO) on Monday said it is raising C$20 million in a bought-deal share unit offering.
The cannabis-oil company said it is selling an underwriting syndicate 34.5 million units, with each priced at C$0.58 and made up of a share and a two-year warrant to buy a second share for C$0.70.
"The company plans to use the net proceeds from the offering to fund growth of the company's Cannabis 2.0 product portfolio, expand medical products and Active Pharmaceutical Ingredient portfolio for export, pharmaceutical registrations, research and development related to clinical trial formulations, sales and marketing in new markets and for general corporate purposes," it said in a release.