09:55 AM EST, 01/15/2021 (MT Newswires) -- Cresco Labs (CSE:CL and OTCQX:CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, was at last look up 6% and nearer 52 week highs after announcing Friday the pricing of its previously announced best efforts overnight marketed offering of subordinate voting shares of the company at a price of C$16.00 per share for a total gross proceeds of approximately US$125 million.
According to a statement, the issue price represents a 3.3% discount to the last close of the company's subordinate voting shares traded on the Canadian Securities Exchange as of January 14, 2021. 100% of the Offering is expected to be purchased by a total of seven new and existing institutional investors, including current shareholder, Wasatch Global Investors.
Closing of the Offering is expected to occur on or about January 21, 2021 and will be subject to market and other customary conditions, including the requirements of the Canadian Securities Exchange.
In addition, the company intends to grant the agents a 30-day option to purchase up to an additional 15% of the Offered Securities pursuant to the proposed Offering on the same terms and conditions to cover over-allotments.
The company intends to use the net proceeds of the Offering for organic and inorganic growth opportunities and general corporate purposes.