On April 2, 2019, 48North Cannabis Corp. completed a bought deal short form prospectus offering of units, which included the exercise in full of the over-allotment option granted to the underwriters. Pursuant to the offering, 21,139,760 units were sold at a price of $1.36 per unit for gross proceeds of approximately $28.75 million. Each unit was comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at an exercise price of $1.72 for a period of 60 months following closing.
The offering was completed by a syndicate of underwriters including Eight Capital, as sole bookrunner and lead underwriter, and Canaccord Genuity Corp.
Cassels Brock acted for the underwriters with a team that included Jamie Litchen, Jonathan Sherman, Stefanie Sebanc and Conrad Lee (Securities and Cannabis).