On January 11, 2018, WeedMD Inc. closed a short form prospectus offering, including the full exercise of the over-allotment option. A total of 16,046,511 units of WeedMD were sold at a price of $2.15 per unit for aggregate gross proceeds of $34.5 million. Each unit consisted of one common share of WeedMD and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of $2.90 until January 11, 2020.
The offering was completed by a syndicate of underwriters including Eight Capital as sole bookrunner and co-lead underwriter with Mackie Research Capital Corporation and including Haywood Securities Inc.
Cassels acted for the underwriters with a deal team that included Nancy Choi and Stefanie Sebanc (Securities and Cannabis), and Chris Norton and Brittany Finn (Tax).