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RavenQuest Completes $24.5 Million Financings and Acquisition of Bloomera

Published: 03/02/2018

Team: Sam Cole, Jennifer Traub, David Hansford, Jonathan Fleisher, Carla Potter, Jenna Clark

On February 28, 2018, RavenQuest BioMed Inc. completed the first tranche of its brokered private placement of units and convertible debenture units. RavenQuest issued 3,581,300 units at a price of $1.25 per unit, and 15,000 debenture units at a price of $1,000 per debenture unit, for aggregate gross proceeds of approximately $19.5 million. RavenQuest also completed a concurrent non-brokered private placement of 4,052,000 units, for additional gross proceeds of approximately $5 million, for aggregate gross proceeds to RavenQuest of $24.5 million. Haywood Securities Inc. acted as lead agent for RavenQuest in connection with the private placement.

Concurrently, RavenQuest completed the acquisition of 8649081 Canada Inc. ("Bloomera"), an Ontario-based licensed producer of cannabis under the Access to Cannabis for Medical Purposes Regulations. Under the terms of the transaction, RavenQuest acquired all of the outstanding share capital of Bloomera in consideration for a cash payment of $15 million, and the issuance of 10.4 million common shares to the existing shareholders of Bloomera. Bloomera currently holds a Health Canada licence to cultivate and will initially add approximately 2,000 kilograms of annual cannabis production to RavenQuest's existing production portfolio.

Cassels Brock acted for RavenQuest in the financings and acquisition of Bloomera with a deal team that included Sam Cole, Jennifer Traub and David Hansford (Securities, M&A and Cannabis) and Jonathan Fleisher, Carla Potter and Jenna Clark (Financial Services).