20:29:15 EDT Sun 13 Jun 2021
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Delta 9 Cannabis Inc
Symbol DN
Shares Issued 90,495,748
Close 2020-12-21 C$ 0.54
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Delta 9 Cannabis closes $5.75-million financing

2020-12-21 11:35 ET - News Release

Mr. Ian Chadsey reports


Delta 9 Cannabis Inc. has closed its previously announced bought deal financing of 10,454,546 units of the company at a price of 55 cents per equity unit for aggregate gross proceeds of $5,750,000.30. The offering was conducted and led by Leede Jones Gable Inc. The offering included 1,363,636 equity units sold pursuant to the full exercise of the underwriter's overallotment option.

The net proceeds received by the company from the offering will be used for working capital and general corporate purposes.

Each equity unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at an exercise price of 70 cents at any time up to 36 months following the date hereof.

Pursuant to the terms of the underwriting agreement between the company and the underwriter, the company paid the underwriter a cash commission equal to 7.0 per cent of the gross proceeds of the offering and issued 731,818 non-transferable warrants of the company to the underwriter, with each broker warrant exercisable, for a period of 36 months from the date hereof, into one common share at an exercise price equal to the offering price.

The offering is subject to the final approval of the Toronto Stock Exchange. The TSX has conditionally approved the offering and the listing of the common shares forming part of the equity units and the common shares issuable upon exercise of the warrants and broker warrants.

The equity units were offered by way of a short-form prospectus filed in all of the provinces of Canada except Quebec pursuant to National Instrument 44-101 (Short Form Prospectus Distributions).

About Delta 9 Cannabis Inc.

Delta 9 Cannabis is a vertically integrated cannabis company focused on bringing the highest-quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9's wholly owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000-square-foot production facility in Winnipeg, Man., Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand.

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