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The Flowr Corporation (TSXV:FLWR) (OTC: FLWPF) announced Thursday a $7.01 million worth offering of units.
The Toronto-headquartered cannabis company signed a securities purchase agreement under which it will sell 33.4 million of its units at a price of 21 cents per unit, for total gross proceeds of $7.01 million. ATB Capital Markets Inc. was chosen as the placement agent for the offering.
The offering comes just one month after Flowr's three-year deal with Israel-based multi-country operator IM Cannabis (CSE: IMCC) (NASDAQ: IMCC) under which it will provide the company with its ultra-premium cannabis strains for distribution and sale in Israel under the IMC brand.
Furthermore, Flowr plans to launch a non-brokered private placement of units for total gross proceeds of up to $1 million. Under the direct placement, each unit will be comprised of one share and one share purchase warrant. One warrant will enable the holder thereof to buy one share at a price of 26 cents per warrant share in the following 42 months upon closing the offering.
The company plans to use the collected net proceeds from both the offering and the direct placement to partially repay its debt and for standard corporate practices. Both the offering and the direct placement should be finalized on or around July 20.
In relation to the offering, Flowr will pay ATB Capital Markets Inc. a placement fee equal to $490,000 and grant 2 million broker warrants. Each broker warrant will enable ATB to buy one unit at the issue price for the following 36 months upon the closing of the offering.
Price Action
Flowr’s shares closed Thursday’s market session 2.49% lower at 18 cents per share.
Photo: Courtesy of Benjamin Brunner on Unsplash
