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Auxly Cannabis Group (TSX:XLY) closes private placement

Cannabis
TSX:XLY
21 May 2021 10:45 (EDT)
Auxly Cannabis - CEO, Hugo Alves

Source: Canadian Lawyer

Auxly Cannabis Group (XLY) has closed its previously announced private placement offering of units to an institutional investor.

Gross proceeds from the offering are approximately $8.0 million. 

The company issued 23,880,598 units at a price of $0.335 per unit. ATB Capital Markets Inc. acted as the exclusive agent on the offering.

Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant entitles the investor to purchase one common share at an exercise price of $0.42 at any time up to 36 months from the closing of the offering.

Net proceeds will be used for working capital and general corporate purposes.

Auxly Cannabis Group Inc is a consumer-packaged-goods company in the cannabis products market. Its focus is on developing, manufacturing and distributing branded cannabis products.

Auxly Cannabis Group (XLY) is up 1.37 per cent, trading at C$0.37 per share at 10:45 am ET.

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