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CanaFarma Hemp Products brings in over C$5M after closing private placing

The firm issued a total of over 8.2 million units for aggregate gross proceeds of C$5,223,095 (US$3,812,860)

Canafarma -
Canafarma describes itself as a full-service company operating in the hemp industry offering a range of hemp-related products and services

Canafarma Hemp Products Corp (CSE:CNFA) said it had closed its previously announced placing, bringing in over C$5 million gross.

The firm issued a total of over 8.2 million units for aggregate gross proceeds of C$5,223,095 (around US$3,812,860), it said in a statement.

READ: Canafarma Hemp Products to launch two new chewing gums in July

Vancouver-based Canafarma describes itself as a full-service company operating in the hemp industry offering a range of hemp-related products and services.

The net proceeds will be used for funding the potential acquisition of manufacturing facilities, scaling the group's sales and marketing activities, R&D and for general working capital and corporate purposes.

David Lonsdale, the CEO of the group, said the firm was "thrilled to welcome all of the new shareholders" that have participated in their offering.

"Completion of this offering in the midst of a global pandemic is a major vote of confidence by our investors and another example of the support and enthusiasm surrounding our company as we continue to grow and expand our product lines and operations. We look forward to rewarding all of our investors for their votes of confidence."

Each unit consists of one share and one share purchase warrant, with each whole warrant entitling the holder to purchase one share at an exercise price of C$0.78 each for five years.

Contact the author at [email protected]

Quick facts: Canafarma

Price: 0.8 CAD

CSE:CNFA
Market: CSE
Market Cap: $149.85 m
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Canafarma Hemp Products brings in more than C$5 million in private placement

Canafarma Hemp Products Corp (CSE:CNFA) CEO David Lonsdale tells Proactive said it had closed its previously announced placing, bringing in over C$5 million gross. Lonsdale says the Vancouver-based hemp-focused firm will use proceeds for funding the potential acquisition of manufacturing...

on 26/6/20

2 min read