Cannabis Wheaton Income (TSXV:CBW) announced a private placement offering of up to 35,000 of convertible debenture units for gross proceeds of up to $35 million.
As quoted in the press release:
The net proceeds received by the Company will be used to fund working capital and general corporate purposes, including but not limited to, financing of the Company’s streaming partners pursuant to certain streaming agreements and general and administrative expenses.
MMCAP International Inc. SPC (the “Lead Subscriber“) and the Company have executed a binding term sheet with respect to the Offering, whereby the Lead Subscriber has agreed to subscribe for up to $28 million aggregate principal amount of Convertible Debenture Units. Closing of the Offering is subject to the satisfaction of customary conditions.