Source: Decibel Cannabis Company Inc.
  • Decibel Cannabis (DB) has entered into an agreement with Eight Capital, Haywood Securities Inc. and Raymond James Ltd.
  • The corporation will issue 34,500,000 units on a bought deal basis at a price of $0.29 for gross proceeds of $10,005,000
  • Decibel has agreed to grant the underwriters an option to purchase up to an additional 15 per cent of the units for additional proceeds of $1,500,750
  • Proceeds will be used to fund growth initiatives, working capital and general corporate purposes
  • The offering is expected to close on or about September 16, 2021
  • Decibel is a Canadian-based producer and distributor of recreational cannabis
  • Decibel Cannabis Company Inc. (DB) is trading at C$0.335 per share at 4 pm ET

Decibel Cannabis (DB) has entered into an agreement with Eight Capital, Haywood Securities Inc. and Raymond James Ltd.

The corporation will issue 34,500,000 units on a bought deal basis at a price of $0.29 for gross proceeds of $10,005,000.

Each unit will include one common share and one-half of one common share purchase warrant. Each warrant shall entitle the holder to purchase one share at a price of $0.40 for a period of 36 months following the closing date of the offering.

Decibel has agreed to grant the underwriters an option to purchase up to an additional 15 per cent of the units at the issue price,  at any time up to 30 days following the closing of the offering.

The full exercise of the over-allotment option would result in approximately $1,500,750 of additional gross proceeds raising the aggregate gross proceeds of the offering to approximately $11,500,000.

The offering is expected to close on or about September 16, 2021, and is subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

Proceeds will be used to fund growth initiatives, working capital and general corporate purposes.

Decibel is a cannabis company involved in the production, distribution, and sale of recreational cannabis. The company has three operating production houses along with its wholly-owned retail business, Prairie Records.

Decibel Cannabis Company Inc. (DB) is trading at C$0.335 per share at 4 pm ET.

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