It appears that somehow, there is still some level of demand from investors for the Canadian cannabis space. Greenway Greenhouse Cannabis Corp (CSE: GWAY) last night announced it will be conducting a non-brokered private placement, for gross proceeds of $8.0 million.
Greenway, whom operates a cannabis facility in Kingsville, Ontario, will look to sell 7.3 million units under the offering. Each unit is priced at $1.10 per each, with units contain one common share and one common share purchase warrant.
Each warrant is valid for a period of nine months from the date of issuance, and contains an exercise price of $1.65. The company is expecting to list the warrants upon the close of the required four month hold period.
Proceeds from the offering are to be used for capital expenditures such as expanding its greenhouse, as well as working capital and other corporate purposes.
The offering is currently slated to close December 15, 2021.
Greenway Greenhouse Cannabis last traded at $1.35 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. 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.
