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Canopy Rivers Completes Follow-On Investment in James E. Wagner


On February 6, 2020, Canopy Rivers Inc. completed a follow-on investment in James E. Wagner Cultivation Corporation (“JWC”) for gross proceeds of approximately $500,000 in exchange for units at a price of $0.21 per unit. Each unit is comprised of one common share in the capital of JWC and one-half of one common share purchase warrant. Each warrant entitles Canopy Rivers to purchase one common share at a price of $0.275 per common share, at any time on or before February 6, 2023.

Following completion of the investment, Canopy Rivers holds 16,241,819 common shares and warrants to purchase an aggregate of 2,190,476 common shares, representing approximately 15.0% of the issued and outstanding common shares of JWC on a non-diluted basis.

Cassels acted for Canopy Rivers with a deal team that included Jonathan Sherman and Jamie Litchen (Securities and Cannabis).

RELATED EXPERTISE: Securities | Cannabis