WeedMD prospectus offering, warrant listing
2021-03-26 17:59 ET - Prospectus Approved
Effective March 9, 2021, the company's final short form prospectus dated March 8, 2021, qualifying the distribution of up to 35,937,500 units of the company was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the Ontario Securities Commission, as principal regulator. Under Multilateral Instrument 11-102, Passport System, the prospectus is deemed to have been filed with and receipted by each of the Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island and Saskatchewan securities commissions.
The exchange has been advised that the closing of the offering occurred on March 12, 2021, for gross proceeds of $17.25-million (including the underwriters' overallotment option, which was exercised in full).
Offering: 35,937,500 units (including 4,687,500 units of the underwriters' overallotment option) (Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant being exercisable into one common share at an exercise price of 60 cents until March 12, 2023.)
Unit price: 48 cents per unit
Underwriters: Eight Capital, Canaccord Genuity Corp. and Infor Financial Inc.
Underwriters' commissions: an aggregate of $1,035,000 in cash and 2,156,250 non-transferable broker warrants (Each broker warrant entitles the holder to acquire one unit at an exercise price of 48 cents until March 12, 2023.)
Effective at the opening, Tuesday, March 30, 2021, the common share purchase warrants of the company will commence trading on the TSX Venture Exchange. The company is classified as a pharmaceutical and medicine manufacturing company.
Corporate jurisdiction: Ontario
Capitalization: up to 19,046,875 warrants created and authorized, of which 17,968,750 are issued and outstanding
Transfer agent: TSX Trust Company
Trading symbol: WMD.WT.A
Cusip No.: 948525 14 2
These warrants were issued under a warrant indenture dated March 12, 2021, pursuant to the company's short form prospectus dated March 8, 2021. Each warrant entitles the holder to purchase one common share of the company at a price of 60 cents until March 12, 2023.
If, at any time after March 12, 2022, and prior to March 12, 2023, the daily volume weighted average trading price of the common shares on the TSX Venture Exchange is equal to or greater than 96 cents for 10 consecutive trading days, the company may, within 10 days of the occurrence of such event, provide written notice to the holders of the warrants and the warrant agent, supplemented by way of a news release, accelerating the expiry date of the warrants from the warrant expiry date to the date that is 30 days following the date of such notice. Any unexercised warrants will automatically expire on the accelerated expiry date in accordance with the warrant indenture.
For further details, please refer to the company's short form prospectus dated March 8, 2021, and news releases dated Feb. 10, 2021, Feb. 11, 2021, March 2, 2021, and March 12, 2021.
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