Medipharm Labs To Raise $20 Million Via Bought Deal Financing

Medipharm Labs (TSX: LABS) this evening announced that it will be conducting a bought deal financing. The financing will see the company raise $20.0 million in a deal lead by Cantor Fitzgerald.

The financing will see the company raise funds at a price of $0.58 per unit, with a total of 34.5 million units expected to be sold. Each unit is to consist of one common share and one common share purchase warrant. Each warrant is valid for a period of 24 months from the date of issuance, and contains an exercise price of $0.70 per share.

An over-allotment option has also been granted in connection with financing, valid for a period of 30 days following the closing of the offering.

Net proceeds from the financing are to be used for growth of the firms cannabis 2.0 product portfolio, to expand its current export portfolio, pharmaceutical registrations, R&D, sales and marketing, as well as working capital and general corporate purposes.

The financing is currently slated to close March 5, 2021.

Medipharm Labs last traded at $0.68 on the TSX.


.Information for this briefing was found via Sedar and Medipharm Labs. 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.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

Medipharm Labs Reports Revenues of $31 million for Second Quarter

Medipharm Labs (TSX: LABS) filed its second quarter earnings after the bell this evening, reporting...

Monday, August 12, 2019, 05:35:41 PM

Medipharm Labs Appoints Former Purdue Pharma Exec As CEO

Medipharm Labs (TSX: LABS) continues to suffer from management turnover. The company today announced that...

Wednesday, April 20, 2022, 07:56:47 AM

Medipharm Labs Increases Bought Deal To $29.0 Million

Medipharm Labs (TSX: LABS) has increased the size of the bought deal financing announced last...

Tuesday, March 2, 2021, 09:26:39 AM

PI Financial Discontinues Coverage On Medipharm Labs, Heritage Cannabis

Friday evening following the close of markets, a note was sent out by PI Financials...

Monday, September 28, 2020, 07:42:00 AM

Medipharm Labs Signs White Label Arrangement With Shelter Brand House

Medipharm Labs (TSX: LABS) announced a white labeling agreement with that of 1193269 B.C. Ltd....

Thursday, January 9, 2020, 08:54:10 AM