VIVO Cannabis Inc. announced the closing of its previously announced overnight marketed public offering of 38,333,334 units of the Company for aggregate gross proceeds of approximately $8 million, including the full exercise of the over-allotment option granted to the underwriters in connection with the Offering. Each Unit was sold for $0.21 and was comprised of one common share of the Company and one half of one Common Share purchase warrant of the Company. Each Warrant will be exercisable to acquire one Common Share until February 26, 2024 at an exercise price of $0.26 per Warrant Share, subject to adjustment in certain events.
The Company expects the Warrants to commence trading on the Toronto Stock Exchange today under the symbol VIVO.WT. The Offering was conducted by a syndicate of underwriters led by ATB Capital Markets Inc., as lead underwriter and sole bookrunner, and including Clarus Securities Inc., Echelon Wealth Partners and Eight Capital. VIVO intends to use the net proceeds of the Offering to (i) drive sales growth and for corresponding working capital requirements; (ii) drive sales through an expanded product offering; (iii) identify and pursue strategic opportunities to scale its Canadian footprint and (iv) fund international growth.
The Units were offered in each of the provinces of Canada, except Quebec, pursuant to a prospectus supplement dated February 23, 2021 to the Company’s short form base shelf prospectus dated October 2, 2020, and elsewhere on a private placement basis.
VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities with proprietary plant-growing technology in Hope, British Columbia and Napanee, Ontario. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Fireside-X™, Lumina™ and Canadian Bud Collection™. For more information visit: www.vivocannabis.com
