Mr. Matthew Sale reports
ALEAFIA HEALTH INC. ANNOUNCES CLOSING OF $5.6M PRIVATE PLACEMENT
Aleafia Health Inc. has closed its previously announced private placement, representing aggregate gross proceeds of approximately $5.6-million.
Pursuant to the private placement, an aggregate of 68,151,515 units were issued at a price of 8.25 cents per unit, with each unit consisting of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant is exercisable into one common share at an exercise price of 10.25 cents until June 24, 2026. The expiry date of the warrants can be accelerated by the company at any time and upon 30 days of notice, if the closing price of the common shares on the Toronto Stock Exchange is greater than 16.5 cents for any 10 consecutive trading days following the date that is four months and one day after the date hereof and prior to the expiry date of the warrants.
The net proceeds from the private placement will be used to finance working capital and capital expenditures for the company's continued growth, and other general corporate purposes.
"The closing of the private placement is a significant milestone for Aleafia, providing funding to support our growth plans and satisfying a main condition for the amendment of the company's convertible debentures," said Aleafia Health chief executive officer Tricia Symmes.
About Aleafia Health Inc.
Aleafia Health, a vertically integrated and federally licensed Canadian cannabis company, owns three licensed cannabis production facilities, including the first large-scale, legal outdoor cultivation facility in Canadian history, and operates a strategically located distribution centre, all in the province of Ontario. The company produces a diverse portfolio of cannabis derivative products, including oils, capsules, edibles, sublingual strips and vapes, for sale in Canada in the adult-use and medical markets, and is pursuing opportunities in select international jurisdictions. The company owns and operates a virtual network of medical cannabis clinics staffed by physicians and nurse practitioners.
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