Green Growth Brands Adds Another Strategic Investor, Brings Total Raise to Over C$140 Million
COLUMBUS, Nov. 5, 2018 /CNW/ – Green Growth Brands (CSE:GGB)(“GGB“) is pleased to announce, in advance of its previously announced business combination transaction (the “Transaction“) with Xanthic Biopharma Inc., that it has closed an additional private placement investment of approximately C$30.5 million with a strategic partner, at a post-Transaction consolidation price of C$2.00 per share. The subscriber further intends to exercise, prior to completion of the Transaction, approximately C$24.5 million of common share purchase warrants of GGB issued under the private placement, with each exercisable on the same consolidation price of C$2.00 per share. The subscriber will be required to make payment of the C$24.5 million exercise price within 30 days. Assuming exercise of and full payment for the warrants, the total funds raised by GGB following the announcement of the Transaction will exceed C$140 million.
This private placement follows GGB’s initial private placement of convertible debentures, which was upsized from its original target of C$55 million to over C$86 million, due to significant demand, in particular from a number of strategic investors. The Transaction is targeted for completion the week of November 5, 2018, with trading to resume on the Canadian Securities Exchange under the ticker symbol “GGB” shortly thereafter.
“We’ve seen a significant amount of interest in the company, not only from consumers and industry partners, but from the investment community at large,”
said Green Growth Brands CEO Peter Horvath.
“Expanding our relationships with strategic investors is a priority for us, and this recent deal fits the bill perfectly.”
“We’re very focused on quickly expanding our footprint across North America, and this funding will allow us to acquire additional cannabis licenses and grow facilities,”
continued Mr. Horvath.
“We’re also very excited about our new CBD-infused body care collection, which has been very successful in our test markets. Our management team has exceptionally strong experience in the personal care and beauty industry, so we’re confident that we’ll quickly gain a leadership position.”
1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on my research and understanding of the sector.
2) The Article was issued on behalf of a third party, Green Growth Brands Ltd. Market Jar Media Inc. has or expects to receive the following amounts from Native Ads Inc. in the amount of one hundred thousand dollars for 21 campaign days (14 business days).
3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.
5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.