Auxly Cannabis Group Inc. has closed its financing pursuant to its final short form prospectus dated Dec. 10, 2020, which was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the securities commissions of each of the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador, on Dec. 10, 2020, pursuant to the provisions of the applicable securities acts.
The TSX Venture Exchange has been advised that the offering closed on Dec. 15, 2020, for gross proceeds of $13.8-million (which includes exercise of the overallotment option, as defined below).
Agent: Mackie Research Capital Corp.
Offering: 40 million units (Each unit consists of one common share of Auxly and one-half common share purchase warrant, where each whole warrant entitles the holder to acquire one additional share at a price of 40 cents per common share for a period of 36 months following closing, subject to adjustment in certain circumstances.)
Unit price: 30 cents
Underwriter's commission: The underwriter received a commission equal to 6.5 per cent of the gross proceeds of the offering, including the overallotment, being $897,000.
Agent's warrants: The underwriter received 2.99 million common share broker warrants, inclusive of the common share broker warrants issuable pursuant to the exercise of the overallotment option. Each broker warrant will entitle the holder thereof to purchase one common share at an exercise price equal to the offering price for a period of 36 months following the closing date.
Overallotment option: The underwriter was granted an option to purchase up to an additional six million units at the offering price for a period of up to 30 days from the closing of the offering. The overallotment option has been exercised in full.
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