Newstrike Completes $80 Million Bought Deal

Newstrike Resources (TSXV:HIP) closed a previously announced a short form prospectus offering on a bought deal basis for gross proceeds of $80,005,200.

As quoted in the press release:

A total of 60,610,000 units of the Company (“Units”) were sold at a price of $1.32 per Unit (the “Issue Price”), for aggregate gross proceeds of $80,005,200 (the “Offering”).  The Offering was underwritten by a syndicate of underwriters co-led by INFOR Financial Inc. and Cormark Securities Inc. and including Eight Capital and Haywood Securities Inc. (collectively, the “Underwriters”).

“This transformational Offering provides Newstrike and our wholly-owned licensed producer, Up Cannabis, with the capital required to complete our Niagara Facility, accelerate and enhance the national launch of the Up-Cannabis brand and seize select strategic opportunities that complement our growth strategy,” said Jay Wilgar, Newstrike’s CEO.

Click here to read the full press release.

Source: marijuanaindex.com