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.
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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.
