- Due to strong demand, Decibel has agreed to increase its bought-deal offering
- Decibel will now issue 45,000,000 units at a price of $0.29 for gross proceeds of $13,050,000
- The full exercise of the over-allotment option would increase the aggregate gross proceeds of the offering to approximately $15,007,500
- Decibel is a Canadian-based producer and distributor of recreational cannabis
- Decibel Cannabis Company Inc. (DB) is down 13.43 per cent, trading at C$0.29 per share at 11:45 am ET
Decibel Cannabis has agreed with Eight Capital, Haywood Securities Inc. and Raymond James to increase its previously announced bought-deal financing.
Decibel will now issue 45,000,000 units at a price of $0.29 for gross proceeds of $13,050,000.
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 increase the aggregate gross proceeds of the offering to approximately $15,007,500.
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 down 13.43 per cent, trading at C$0.29 per share at 11:45 am ET.