Canabo Medical Inc. (TSX: V.CMM, OTCQB: CAMDF, Forum) announced today that it has closed its brokered private placement with Aphria Inc. The offering was comprised of 6,000,000 common shares at a price of $1.40 per share, totaling gross proceeds of $8,400,000. Following this placement, Aphria will own approximately 16.6% of the total issued and outstanding shares of Canabo.
The Company employed Haywood Securities Inc. as lead agent, with PowerOne Capital Markets Limited and Clarus Securities Inc. as additional agents (the “Agents”). Pursuant to the terms of the agreement, the Agents have been granted an over-allotment option to sell up to an additional 900,000 common shares at $1.40 per share. Further information can be found here.
Canabo Medical was recently in the news when it announced plans to conduct a 7,500 patient observational study in 2017.
The Company has 30 million shares outstanding and a market cap of $25.9 million.