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British Columbia-based medical cannabis producer DOJA Cannabis (CSE:DOJA) announced an agreement with Canaccord Genuity as lead underwriter to raise CAD $15 million through a private placement of 15,000 units of senior unsecured convertible debentures and 403 common share purchase warrants at a price of $1,000 per unit.

The Company intends to use the proceeds for capital projects and for general purposes.

Each debenture will be convertible into common shares at a price of $1.24 for three years after the closing date. Each warrant entitles the holder to acquire one common share at a price of $1.86 for a period of three years after the closing date.

Their stock closed today at CAD $1.23, up 119% in three months.

The convertible debentures will pay interest of 8.0% semi-annually on the last day of December and June, beginning June 30, 2018.

Beginning four months after the closing date, if the average trading price is greater than $1.86 for any 10 consecutive trading days, the company can announce a mandatory conversion of all outstanding convertible debentures at the conversion price.

Closing of the Offering is expected on or about December 28, 2017.

Source DOJA press release