Cresco Capital Reports 21.11% Ownership In Harborside On Partially Diluted Basis

It appears that Harborside Inc (CSE: HBOR) Chairman Matt Hawkins is putting his money where his mouth is. The fund manager-turned-director of Harborside this morning disclosed significant participation in Harborside’s recently closed private placement, with Cresco acquiring 35,500 multiple voting share units of the company.

Sold at a price of $255 per MVS unit, Hawkins, through Cresco Capital Partners II, has invested $9.1 million in the California-focused operator. As a result of the placement, the funds now has a 15.21% ownership stake in the operator, and on a partially diluted basis, this figure climbs to 19.50%. Prior to the close of the financing, the fund had ownership of just 2.58% on a partially diluted basis.

It should also be noted that CCP Flrish, a “joint actor”, also owns 1.17% of the company via multiple voting shares, while CCP owns 0.30% of the company via multiple voting shares. On a combined basis, the entities referred to as Cresco as a whole have exposure to 21.11% of the company on a partially diluted basis.

Cresco Capital Partners is now referred to more commonly as Entourage Capital.

Harborside Inc last traded at $2.65 on the CSE.


FULL DISCLOSURE: Harborside Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Harborside Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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