Canopy Growth Upsizes Financing After Initially Canceling Funding
Canopy Growth (TSX: WEED) is again attempting to raise funds from certain institutional investors, after it was forced last week to quietly announce that a US$30 million financing had fallen through.
The latest round of financing is being referred to as an upsized financing, despite a filing on Friday indicating that the financing had been cancelled.
This new round of financing however is set to occur at the same price per unit, US$4.29, which includes one full warrant with an exercise price of US$4.83 per share and an expiry of five year. The financing is said to have been arranged with certain institutional investors.
Proceeds from the financing are to be used to improve the firms financial position, including the potential pay down of debt, as well as for working capital.
READ: Canopy Growth Records Another Huge Loss With Sale Of This Works
The financing is now set to close January 19.
Canopy Growth last traded at $6.34 on the TSX.
Information for this briefing was found via Canopy Growth and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
