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CROP Infrastructure closes oversubscribed $3 million private placement

The company said funds would be used for construction at its Nevada farm, build out its greenhouse in California and also allow the company to identify opportunities in other states
Nevada cannabis
CROP’s portfolio of cannabis projects include cultivation properties in CA and WA and a 1,000-acre Nevada cannabis farm

CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) said Tuesday that it has closed an oversubscribed C$3 million private placement. 

The cannabis company said it closed its non-brokered private placement raising $3,086,244 by issuing up to 10,287,480 units at a price of $0.30 per unit.

Each unit consists of one share and one warrant. Each warrant entitles the holder to purchase an additional share at an exercise price of $0.50 for a period of 24 months after the close of the offering.

"With the closing of this private placement CROP is now capitalized to complete the construction of its 40-acre outdoor Nevada farm, build an additional 30,000 square feet of greenhouse space in California and begin identifying entry opportunities into additional states," said CEO Michael Yorke in a statement. 

READ: Crop Infrastructure's final inspection on Nevada farm is done and licenses are expected soon

CROP’s portfolio of cannabis projects include cultivation properties in California and Washington state, a 1,000-acre Nevada cannabis farm and extraction work in Nevada.

The company also said that in connection with the closing, the company paid C$38,333.98 in commissions and issued 128,780 brokers warrants exercisable at C$0.50 for a period of two years.

Further to this, CROP said it has converted $1,193,000 in outstanding debts at the same price as the private placement by the issuance of 3,976,667 units.

Shares of CROP were at C$0.34 on Tuesday. 

 

 

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