Nevada marijuana business World 13 Holdings raised 69 million Canadian dollars ($ 53.9 million) on Tuesday in a purchased offer public offering.
According to a business press release, the cash will be utilized for “possible acquisitions for functions of retail, growing and production growth beyond Nevada, in addition to basic business and other working capital functions.”
The offering by a distribute of underwriters, led by Beacon Securities and Canaccord Genuity, offered an overall of 9.9 million systems of World 13 at an expense of CA$ 7 per system, consisting of systems offered under an over-allotment alternative.
Each system consists of one typical share and a warrant to buy 0.5 typical shares, which can be worked out at CA$ 9 per share for the next 2 years.
The underwriters got a money commission of 6% of the gross earnings, plus a settlement alternative equating to 6% of the systems offered.
The settlement alternative entitles the underwriters to buy typical shares at CA$ 7 per share for the next 2 years.
The purchased offer public offering was revealed Jan. 12.
World 13 Holdings’ shares trade on the Canadian Securities Exchange as PLTH, and the warrants will trade on the very same exchange.
World 13 likewise trades on the U.S. over the counter markets as PLNHF.