NextLeaf Solutions Ltd (CSE:OILS) announced Wednesday that it has closed its previously announced non-brokered private placement of $4 million.
Shares of the Vancouver-based cannabis company rose about 4.6% on Wednesday afternoon to sit at C$0.68.
The company increased the size of the placement due to investor demand, it said earlier this week.
Four insiders of the company subscribed for a total of 1,819,500 units, representing $727,800 of the gross proceeds from the private placement.
NextLeaf has a patented process for the commercial scale production of cannabinoid distillate, the precursor to every cannabis-infused product. The company’s technology allows for low-quality, dried cannabis biomass to be processed into a high-purity distilled oil.
The units issued under the financing deal will be subject to a four-month hold period.
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