Emblem Cannabis raises $28 million through shares and debentures
Toronto, Ontario-based medical cannabis producer Emblem Corp. (TSXV:EMC) announced it successfully finished and closed its current equity offering, including the underwriters’ over-allotment. Emblem sold to its underwriting syndicate (distributors) over 7.8 million common share “units” and 15,000 convertible unsecured debentures paying 8%, due in 2020.
The underwriting syndicate is led by Eight Capital, including Canaccord Genuity, Echelon Wealth Partners and GMP Securities.
Each Unit comprises one common share and one warrant allowing the holder to buy an additional common share for $2.15 until November 16, 2020.
The Units sold at $1.75 each, raising $13.8 million. The Convertible Debentures sold at $1,000 each raising $15 million, for total gross proceeds of $28.8 million.
The Convertible Debentures will pay 8% interest annually until November 16, 2020, the maturity date, when holders can either get back their principle or convert the debentures into stock.
Ninety percent of the net proceeds will be used to complete the Company’s new facility with 120,000 sq ft of greenhouse and 50,000 sq ft of infrastructure area. Approximately 10% may be invested in other medical cannabis technologies, clinical trials, genetics, R&D initiatives, etc.
Emblem is focused on three areas: cannabis production, patient education, and pharmaceutical R&D.
The stock closed at $1.59 CAD. It is now trading near its 12-month low, looking to break out. Its market cap is $113 million, making it roughly the 60th largest cannabis company by that measure.
Source: Emblem press release
Emblem Cannabis raises $28 million through shares and debentures
About Cannin Investment Group: Your Pot Stocks Experts
Cannin is your trusted resource for pot stocks. Our global team of experts evaluates all emerging pot stock investing opportunities. We aggregate hundreds of hours of research and provide tips on the best pot stock investments for 2020.
Use Cannin as your resource for:
- Cannabis and hemp investing news
- Featured cannabis and hemp company analysis
- Comprehensive cannabis and hemp stock reports
Is it too late to invest in pot stocks? No! This is the perfect time to invest.
Market analysts expect the legal cannabis industry will have an annual value exceeding $75 Billion in the next decade. The time to invest in pot stocks is now. Are you looking to buy stock in pot companies for 2020? Interested in emerging penny pot stocks? Looking for the best Canadian pot stocks to invest in? We can help.
Are you interested in pot stocks like Curaleaf, Trulieve, Aurora Cannabis, or Canopy Growth?
Predict price movements of pot stocks several hours in advance with our proprietary algorithmic stock trading software.
- +25% Gains in 2020
- +49.8% Gains in 2019
- 108% Backtested since 2012
We’re so confident you’ll love our algotrading pot stock signals, we’re willing to give you a one-month risk-free trial to see it for yourself.
Profit from the best pot stocks – we’ll show you how at cannin.com.
Marijuana Stocks, Pot Stocks, Algorithmic Stock Trading, Best Hemp Stocks to Buy