On January 22, 2019, SLANG Worldwide Inc. (formerly Fire Cannabis Inc.) announced that, in connection with its previously completed offering of subscriptions receipts for aggregate gross proceeds of approximately $66 million, the company had delivered an escrow release notice confirming that it had satisfied all of the escrow release conditions under the subscription receipt offering, including, among other things, having obtained a receipt for its final (long-form) prospectus dated January 17, 2019 and having obtained conditional approval from the Canadian Securities Exchange for the listing of its common shares.
In connection with the delivery of the escrow release notice, 43,998,590 subscription receipts were converted into 43,998,590 common shares and 21,999,281 common share purchase warrants. Each warrant is exercisable into one common share at an exercise price of $2.25 until January 29, 2021, subject to certain acceleration and adjustment provisions.
The subscription receipt offering was completed by a syndicate of agents co-led by Canaccord Genuity Corp. and Clarus Securities Inc., together with GMP Securities L.P. and Paradigm Capital Inc.
SLANG’s common shares commenced trading on the Canadian Securities Exchange under the ticker symbol “SLNG” on January 29, 2019.
Cassels acted for the agents with a deal team that included Nancy Choi, David Gardos and Kyle Simpson (Securities and Cannabis) and Christopher Norton (Tax).