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CannaRoyalty Closes $15 Million Bought Deal Offering

Published: 02/15/2017

Team: Cameron A. Mingay, Adria Leung Lim, Stefanie Sebanc, James G. Morand

On February 15, 2017, CannaRoyalty Corp. (“CannaRoyalty”) closed its offering of 5,000,000 units (the "Units") at a price of $3.00 per Unit for aggregate gross proceeds of $15,000,000 (the "Offering"). Each Unit is comprised of one common share (a "Common Share") and half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each whole Warrant will be exercisable to acquire one Common Share (a “Warrant Share”)  for a period of 2 years at an exercise price of $4.50 per Warrant Share. The Warrants will be subject to a 21-day forced exercise provision if CannaRoyalty’s daily volume weighted average share price is greater than $6.00 for 15 consecutive trading days following closing.

The Offering was completed by a syndicate of underwriters led by Canaccord Genuity Corp.

Cassels Brock represented CannaRoyalty with a team composed of Cam Mingay, Adria Leung Lim and Stefanie Sebanc (Securities) and James Morand (Tax).