On October 28, 2020, Harvest Health & Recreation Inc. completed a bought deal public offering of units, including the exercise in full of the underwriters’ over-allotment option. Each unit consisted of one subordinate voting share and one-half of one subordinate voting share purchase warrant. Each full warrant is exercisable into one subordinate voting share at an exercise price of $3.05 for a period of 30 months following October 28, 2020. The offering resulted in the issuance of 20,354,080 units at a price of $2.26 per unit for gross proceeds of approximately $46 million.
Cassels acted for Harvest with a deal team that included Frank DeLuca, Miriam El Ofir and Aamir Chherawala (Securities and Cannabis) and Corinne Grigoriu and Jocelyn Arnason (Tax).