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Newstrike Completes $92 Million Bought Deal Financing

Published: 02/22/2018

Team: Jay Goldman, Jennifer Campbell, Christopher B. Norton, Tera Li

Newstrike Resources Ltd., the parent company of UP Cannabis Inc., a licensed producer of medical cannabis in Canada, completed a bought deal offering, including the full exercise of the over-allotment option. A total of 69,701,500 units at a price of $1.32 per unit were issued, for aggregate gross proceeds of approximately $92 million. 

Each unit is comprised of one common share of Newstrike and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share at an exercise price of $1.75 until February 16, 2020.

The offering was underwritten by a syndicate of underwriters co-led by INFOR Financial Inc. and Cormark Securities Inc. and included Eight Capital and Haywood Securities Inc.

Cassels Brock acted for Newstrike with a deal team that included Jay Goldman, Eva Bellissimo, Jen Campbell and Patricia Wood (Securities and Cannabis) and Chris Norton and Tera Li (Tax).