iAnthus Capital Holdings (CSE:IAN) announced an agreement with underwriters for a bought deal worth just over 4.5 million shares.

As quoted in the press release:


iAnthus Capital Holdings, announced today that it has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P. (the “Lead Underwriter” and, collectively with the syndicate, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis subject  to the filing of a short form prospectus, 4,512,000 common shares (the “Common Shares”) of the Company at a price of $6.65 per Common Share (the “Offering Price”) for aggregate gross proceeds to iAnthus of $30,004,800 (the “Offering”).

The Company has granted the Underwriters an over-allotment option to purchase up to an additional 676,800 Common Shares at the Offering Price, exercisable in whole or in part, at any time, and from time to time, on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full for additional Common Shares, an additional $4,500,720 million in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be $34,505,520 million.

The Common Shares will be offered by way of a short form prospectus to be filed in all provinces of Canada (except Quebec). The Company intends to use the net proceeds from the Offering for capital expenditures for capacity expansion, working capital and general corporate requirements. The Offering is expected to close on October 3, 2018 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.

Click here to read the full press release.

Source: globenewswire.com

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