On February 27, 2018, Namaste Technologies Inc. closed a bought deal short form prospectus offering of units, including the exercised in full of the over-allotment option. A total of 15,784,900 units of Namaste were sold at a price of $2.55 per unit for gross proceeds of approximately $40.25 million. Each unit was comprised of one common share of Namaste and one common share purchase warrant of Namaste. Each warrant entitles the holder thereof to purchase one common share at a price of $3.15 for a period of 24 months, subject to an acceleration.
The offering was completed by a syndicate of underwriters co-led by Eight Capital and Canaccord Genuity Corp. as co-lead underwriters and joint bookrunners, and including Beacon Securities Limited.
Cassels Brock acted for the underwriters with a deal team that included Andrea FitzGerald, Nancy Choi and Patricia Wood (Securities and Cannabis).