Organigram Holdings (TSX: OGI) (NASDAQ: OGI) is the latest cannabis operator to raise funds. The company announced this morning that it is conducting a $60.1 million underwritten public offering through that of Canaccord Genuity Corp.
The financing wil see a total of 32,500,000 units of the company purchased at a price of $1.85 a unit. Each unit contains one common share and one half of a common share purchase warrant. Each warrant is good for a period of three years from the date of issue and contains an exercise price of $2.50 per share.
An over allotment option has also been granted, which is valid for a period of thirty days and will enable the financing to be increased by up to 15%. The financing is anticipated to close on November 12, with net proceeds to be used to repay debt along with working capital and general corporate purposes.
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Organigram Holdings last traded at $1.60 on the Nasdaq.
Information for this briefing was found via Sedar and Organigram Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
