Some major things must be underway for another round $$$$$ Auxly Announces $15.0 Million Bought-Deal Public Offering
Wednesday, June 9, 2021, 7:10 AM ET
Auxly Announces $15.0 Million Bought-Deal Public Offering
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TORONTO, June 09, 2021 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. ("Auxly" or the "Company") (TSX: XLY) (OTCQX: CBWTF) is pleased to announce that it has entered into an agreement pursuant to which ATB Capital Markets Inc. ("ATB"), as sole bookrunner, and Cantor Fitzgerald Canada Corporation, acting as co-lead underwriters of the Offering, together with a syndicate of underwriters (collectively, the "Underwriters"), will purchase 47,620,000 Units of the Company (the "Units"), on a bought-deal basis at a price per Unit of $0.315 (the "Issue Price") for gross proceeds of $15,000,300 (the "Offering"). A.G.P./Alliance Global Partners is acting as the sole U.S. sub-agent and financial advisor to the Company in connection with the Offering in the United States.
Each Unit shall be comprised of one common share of the Company (each a "Common Share") and one-half of one Common Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.38 at any time up to 36 months from closing of the Offering.
The Company has granted the Underwriters an option (the "Underwriters' Option") to increase the size of the Offering by up to an aggregate number of Units equal to 15% of the total number of Units issued under the Offering, such Underwriters' Option being exercisable at any time and from time to time up to 30 days following the closing of the Offering.
The Company intends to use the net proceeds to continue to pursue strategic growth initiatives, including continued development, commercialization and expansion of its product portfolio, and for general corporate purposes.