- Auxly (XLY) announced a $3.36 million private placement with institutional investors
- Net proceeds will be used for working capital and general corporate purposes
- The offering is expected to close during the week of February 13, 2023
- Auxly is a leading Canadian cannabis consumer packaged goods company headquartered in Toronto
- Auxly Cannabis Group (XLY) opened with a loss of 12.50 per cent, trading at $0.035 per share
Auxly (XLY) announced a $3.36 million private placement with institutional investors.
The investors have agreed to purchase 96,000,000 common shares and 96,000,000 share purchase warrants.
Each warrant enables the purchase of one XLY common share for $0.045 up to 60 months from the date of issuance.
Net proceeds will be used for working capital and general corporate purposes.
The offering is expected to close during the week of February 13, 2023.
All shares and warrants under the private placement will be offered exclusively to U.S. investors on the same basis pursuant to exemptions from registration requirements under the United States Securities Act of 1933.
Additionally, Auxly seeks to amend the terms of 27,381,500 share purchase warrants from a bought-deal offering completed on June 14, 2021. Changes include reducing the warrants’ exercise price from $0.38 to $0.045 per share and extending their expiry date from June 14, 2024 to June 14, 2026. The amendments are expected to take effect by late February or early March.
Auxly is a leading Canadian cannabis consumer packaged goods company headquartered in Toronto.
Auxly Cannabis Group (XLY) opened with a loss of 12.50 per cent, trading at $0.035 per share.
