WeedMD Slashes Recent Bought Deal Offering cost by 41per cent

WeedMD Inc. Announces Amendment of Bought contract Equity Financing

TORONTO, March 02, 2021 (GLOBE NEWSWIRE) — WeedMD Inc. (“WeedMD” or the “Company”) (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE), a federally-licensed producer and supplier of medical-grade cannabis, announced today that, further to its news release dated February 11, 2021 announcing a $17.5 million purchased deal funding (the “Offering”), the business has entered into an amended and restated underwriting contract dated March 2, 2021, with Eight Capital and Canaccord Genuity Corp., as joint bookrunners and co-lead underwriters (the “Co-Lead Underwriters”), and INFOR Financial Inc. (with the Co-Lead Underwriters, the “Underwriters”) to amend the regards to the providing to issue to your Underwriters 31,250,000 devices for the business (the “Units”) at a high price per product of $0.48 (the “Issue Price”) for gross profits of $15,000,000. Each product will likely be composed of one share that is common of Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, “Warrant”). Each Warrant shall entitle the holder thereof to purchase one share that is common a workout cost of $0.60, for a time period of two years following closing for the providing.

The Business has amended the over-allotment choice to enable acquisitions by the Underwriters all the way to yet another 4,687,500 devices during the presssing issue price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, an additional approximately $2,250,000 will be raised pursuant to the Offering and the aggregate proceeds of the offering shall be around $17,250,000.

If, The daily volume weighted average trading price of the shares on the TSX Venture Exchange for any 10 consecutive days equals or exceeds $0.96, the Company may, upon providing written notice to the holders of the Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice.

All after the one-year anniversary of the closing of the offering other terms of the Offering remain unchanged.

The Company intends to use the net proceeds of the Offering for working capital and general purposes that are corporate

The devices will likely be made available from means of an amended and restated last form that is short to be filed in all provinces of Canada, except Quebec and Newfoundland. The closing date of the Offering is scheduled to be on or about March 12, 2021 and is subject to conditions that are certain, although not restricted to, the receipt of all of the necessary approvals, like the approval for the relevant securities regulatory authorities.This news release shall maybe not represent an offer to market or the solicitation of an offer to get nor shall there be any purchase for the securities in just about any state by which offer that is such solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United states registration that is absent an applicable exemption through the enrollment demands for the United States Securities Act of 1933,

as amended, and relevant state securities rules.

About WeedMD Inc.

WeedMD Inc. may be the publicly exchanged moms and dad business of WeedMD RX Inc. and Starseed Medicinal Inc., licence holders creating and cannabis that are distributing for both the medical and adult-use markets. The Company owns and operates a state-of-the-art that is 158-acre, outside and processing facility located in Strathroy, ON in addition to a fully-licensed 26,000 sq. ft. Aylmer, ON processing center, focusing on cannabis removal. A medical-centric operator, WeedMD has expanded its multi-channeled distribution strategy with the addition of Starseed. Starseed’s industry-first, exclusive partnership with LiUNA, the construction union that is largest in Canada, along side companies and union teams complements WeedMD’s direct selling to medical clients. The business maintains strategic relationships within the seniors’ market and offer agreements with Shoppers Drug Mart too, as seven distribution that is provincial where adult-use brands colors Cannabis and Saturday can be bought.

Original press release

Get ahead of this audience by registering for 420 Investor, the biggest & many comprehensive premium membership solution for cannabis traders and investors since 2013.
NCV Newswire
Posted by NCV Newswire

The NCV Newswire by brand new Cannabis Ventures aims to curate quality that is high and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a news tip that is confidential? Get in contact.

Get Our Newsletter(* sunday)

#mc_embed_signup{background:#fff; clear:left; }
/* include yours form that is mailChimp overrides in your website stylesheet or in this design block.
We suggest going this block as well as the CSS that is preceding link the pinnacle of the HTML file. */


Latest posts