Verano Holdings has completed its subscription receipt financing, raising gross proceeds of US$100.0 million. The closing of the financing was a condition of the reverse takeover transaction of Majesta Minerals, which will see Verano go public on the Canadian Securities Exchange.
The financing was conducted through a special purpose numbered company, which saw the firm sell a total of 10.0 million subscription receipts at a price of US$10.00 per receipt. The financing was conducted through a brokered and a non-brokered offering, with the forming amounting to US$67.2 million, while the latter amounted to US$32.8 million.
Upon closing of the qualifying transaction, subscription receipts will be converted to subordinate voting shares of the issuer, with no warrant being involved in the offering.
The transaction itself will see the merger of Verano with that of Alternative Medical Enterprises LLC, Plants of Ruskin GPS LLC, RVC 360 LLC and their affiliated companies, which are collectively referred to as AltMed, with operations in Arizona and Florida. Verano meanwhile is active in 12 US states. Upon closing, the resulting issuer is to be known as Verano Holdings Corp.
The transaction is expected to close in February 2021.
Information for this briefing was found via Sedar, and Verano 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.
