SASKATOON, Saskatchewan–(BUSINESS WIRE)–CanniMed Therapeutics Inc. (“CMED” or the “Company”), a leading plant biopharmaceutical company specializing in the production of pharmaceutical-grade cannabis, announced today the pricing of its initial public offering of 5,000,000 common shares at a price of $12.00 per common share (the “Offering”). The Offering is expected to result in aggregate gross proceeds to CMED of $60,000,000. In addition, CMED has granted the underwriters an option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 750,000 common shares at a price of $12.00 per common share, to cover over-allotments, if any (the “Over-Allotment Option”).
Closing of the Offering is expected to take place on or about December 29, 2016, subject to customary closing conditions, at which time the common shares will commence trading on the Toronto Stock Exchange (the “TSX”) under the symbol “CMED”. CMED has received conditional approval for the listing of its common shares on the TSX, subject to CMED fulfilling all of the customary requirements of the TSX.
The Offering is being made through a syndicate of underwriters led by AltaCorp Capital Inc. and including Canaccord Genuity Corp., Clarus Securities Inc., Mackie Research Capital Corporation and Haywood Securities Inc.
A copy of the final prospectus is available on SEDAR (www.sedar.com).
No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been, nor will they be, registered…