Cannabis company Auxly Cannabis Group Inc. XLY CBWTF reported Monday it has raised $20 million.
The company completed its bought deal short form prospectus offering, under which it has issued 54.4 million units, with a price of 37 cents per unit, including the full exercise of the over-allotment option.
Each unit consisted of one share and one half of one share purchase warrant, with each warrant enabling the holder thereof to buy one share at a price of 46 cents in the following 36 months from the closing of the offering.
The Toronto-based company noted that the offering was co-led by ATB Capital Markets Inc. and Cantor Fitzgerald Canada Corp., which acted as co-lead underwriters and joint bookrunners.
Auxly plans to use the collected net proceeds for working capital and other purposes.
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