Site Search
Use small fonts Use medium fonts Use large fonts Email link to page


Related expertise

Cassels Brock Represents Eight Capital in 48North Cannabis Corp.'s $16 Million Private Placement

Published: 01/26/2018

Team: Nancy Choi, Shaun Khullar

On January 26, 2018, 48North Cannabis Corp. closed an upsized brokered private placement of units at a price of $1,000 per unit for gross proceeds of $16 million. Each unit was comprised of one senior unsecured convertible debenture with a principal amount of $1,000 and 556 common share purchase warrants. Each warrant will entitle the holder thereof to acquire one common share in the capital of 48North at a price of $1.15 for a period of 24 months following the completion of 48North’s previously announced transaction with Kramer Capital Corp, which shall constitute Kramer’s qualifying transaction. The debentures will automatically convert into 48North shares immediately prior to the completion of the qualifying transaction at a price of $0.90 per 48North share.

The offering was led by Eight Capital as the sole underwriter. As a part of the offering, Eight Capital exercised its over-allotment option for 495 units.

Cassels Brock acted for Eight Capital with a deal team that included Nancy Choi, Shaun Khullar and Michael Weizel (Securities and Cannabis).