Emerald Health Therapeutics (TSXV:EMH; OTCQX:EMHTF) closed a prospectus sale with an undisclosed Canadian institutional accredited investor for 3,000,000 units worth $6 per unit worth $18,000,000 in gross proceeds.
As quoted in the press release:
Each Unit consists of one common share of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the Investor to acquire one common share of the Company (a “Warrant Share”) at a price of $7.00 per Warrant Share for a period of six months following the closing of the Offering. In the event that the closing sale price of the Company’s common shares (the “Common Shares”) on the TSX Venture Exchange or other recognized exchange is greater than $8.50 per Common Share for a period of five consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving notice to the Investor and in such case the Warrants will expire on the 15th day after the date on which such notice is given by the Company.
The Company intends to use the net proceeds of the Offering for its production and R&D-related growth plans, working capital and general corporate purposes.