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.

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