Delta 9 Enters Into Agreement For Overnight Marketed Public Offering Of Units For $2M

Delta 9 Cannabis Inc. DLTNF (TSX DN) has entered into an agreement with Research Capital Corporation as sole agent and sole bookrunner, in connection with an overnight marketed public offering of units of the company at an indicative price of $0.22 per unit, priced in the context of the market, for gross proceeds of approximately $2 million.

Each unit shall be comprised of one common share of the company and one common share purchase warrant of the company. Each warrant shall entitle the holder thereof to purchase one common share at an indicative exercise price of $0.255 per common share, priced in the context of the market, for a period of 36 months following closing of the offering.

The company has granted to the agent an option to increase the size of the offering by up to an additional number of units, and/or the components thereof, that in aggregate would be equal to 15% of the total number of units to be issued under the offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time and from time to time up to 30 days following the closing of the offering.

The net proceeds from the offering will be used for working capital and general corporate purposes.

The closing of the offering is expected to occur on or about June 14, 2022, or such other earlier or later date as the agent and company may agree upon.

Photo by Ryan Lange on Unsplash

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