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.
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]