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by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index dropped 7.60 points to 404.58 Monday. Tilt Holdings Inc. (TILT) rose five cents to 44 cents on 1.66 million shares after announcing that it had raised $25.6-million (U.S.) through its note financing for up to $35-million (U.S.). The company says a closing of any of the remaining $9.4-million (U.S.) would take place within the next 45 days. The notes will bear interest at 8 per cent per year, payable quarterly, and will mature in three years.
The financing had first been announced almost four months ago, on July 16. Tilt did not raise as much as it planned; it said on July 16 that the financing would be for a minimum of $50-million (U.S.) and a maximum of $125-million (U.S.). It attributed the lower amount raised not to any shortfall in fundraising, but to its strong results in the interim, implying it does not need as much cash as it thought it did. The company's interim chief executive officer, Mark Scatterday, said the financing and the terms are "a testament to our recent performance."
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