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Valens GroWorks raises C$43M to expand geographic presence and increase production capacity

The company will use the funds to expand its domestic geographic presence, increase production capacity and white label offerings

extraction vial
Valens has extraction processing and supply agreements with a number of leading producers across Canada

Valens GroWorks Corporation (CSE:VGW) (OTCMKTS:VGWCF) announced Tuesday it had closed a C$43 million bought-deal financing.

The Kelowna-based cannabis company said it will use the funds to strategically increase its domestic geographic presence, increase production capacity and white label offerings and for general corporate purposes.

READ: Valens GroWorks increasing equity financing deal with 37.5 million dollars

The offering was led by AltaCorp Capital Inc, which as sole bookrunner and lead underwriter, along with a syndicate of underwriters, purchased more than 14.6 million units at C$2.95 a pop to raise C$43.1 million.

Other underwriters include GMP Securities, Raymond James, Haywood Securities and Mackie Research Capital.

Valens shares dipped to C$3.14 on Tuesday in Toronto and to US$2.35 in New York.

Contact Katie Lewis at [email protected]

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Price: 2.09 CAD

TSX:VLNS
Market: TSX
Market Cap: $267.51 m
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