Charlotte’s Web Holdings (TSX: CWEB) announced this morning that it will be conducting an underwritten offering for gross proceeds of $67.5 million. The financing is being lead by Canaccord Genuity in a syndicate of that includes Cormark Securities, PI Financial, and Eight Capital.
The financing will see 10.0 million units of Charlotte’s Web sold at a price of $6.75 per unit. Each unit consists of one common share and one half common share purchase warrant, exercisable for a period of two years with a strike price of $8.50 per full warrant.
An over-allotment, as always, is present as well, for an additional 1.5 million units, which if exercised in full would increase the offering to $77.6 million. Proceeds from the offering are expected to be used to fund business development and general working capital.
Sponsored · Cambria Gold Mines
Closing of the offering is expected to occur on June 18, 2020.
Charlotte’s Web closed yesterdays session at $7.32, after having hitting a high of $8.00 intraday.
Information for this briefing was found via Sedar and Charlotte’s Web Holdings Inc. 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.
