Organigram Conducts $60.1 Million Underwritten Financing
Organigram Holdings (TSX: OGI) (NASDAQ: OGI) is the latest cannabis operator to raise funds. The company announced this morning that it is conducting a $60.1 million underwritten public offering through that of Canaccord Genuity Corp.
The financing wil see a total of 32,500,000 units of the company purchased at a price of $1.85 a unit. Each unit contains one common share and one half of a common share purchase warrant. Each warrant is good for a period of three years from the date of issue and contains an exercise price of $2.50 per share.
An over allotment option has also been granted, which is valid for a period of thirty days and will enable the financing to be increased by up to 15%. The financing is anticipated to close on November 12, with net proceeds to be used to repay debt along with working capital and general corporate purposes.
Organigram Holdings last traded at $1.60 on the Nasdaq.
Information for this briefing was found via Sedar and Organigram Holdings. 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.