Auxly Announces Closing of $20 Million Bought-Deal Public Offering, Including Full Exercise of the Over-Allotment Option.
Auxly Cannabis Group Inc. (TSXV: XLY) announced the closing of its bought deal short form prospectus offering pursuant to which the Company issued 54,395,000 units at a price of $0.37 per unit for gross proceeds to the Company of $20,126,150, including the full exercise of the over-allotment option.
Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at an exercise price of $0.46 at any time up to 36 months from the closing of the offering.
The offering was co-led by ATB Capital Markets Inc. and Cantor Fitzgerald Canada Corporation as co-lead underwriters and joint bookrunners.
The net proceeds from the Offering will be used for working capital and other purposes.
Auxly is an international cannabis company dedicated to bringing innovative, effective, and high-quality cannabis products to the medical, wellness and adult-use markets.
Auxly Cannabis Group (XLY) is down 4.29 per cent, trading at C$0.335 per share.