MedReleaf (TSX:LEAF) announced it completed its initial public offering with total gross proceeds of $80,700,049 for the company.
As quoted in the press release:
The common shares will commence trading today on the Toronto Stock Exchange under the symbol “LEAF”.
Pursuant to the Offering, MedReleaf issued 8,494,742 Offered Shares from treasury (the “Treasury Offering”). In addition, 2,105,258 Offered Shares were sold pursuant to a secondary offering (the “Secondary Offering”) by the Selling Shareholders. MedReleaf will not receive any proceeds from the Secondary Offering.
MedReleaf and the Selling Shareholders have granted the Underwriters an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,590,000 common shares at the Offering Price of $9.50 per share for additional gross proceeds of approximately $6,104,985 to MedReleaf and an aggregate of $9,000,015 to the Selling Shareholders respectively, if the Over-Allotment Option is exercised in full.