Delta 9 Announces $20 Million Bought Deal

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Delta 9 Cannabis (TSXV:NINE) announced it entered into an agreement with a group of underwriters led by Canaccord Genuity to purchase 7,410,000 units at a price of $2.70 per unit for aggregate gross proceeds worth $20,007,000.

As quoted in the press release:

Each Unit will consist of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant will be exercisable to acquire one Common Share (a “Warrant Share”) for a period of 30 months following the closing of the Offering (the “Closing”) at an exercise price of $3.25 per Warrant Share.

The Company has granted the Underwriter an option (the “Over-Allotment Option”), to purchase up to an additional 1,111,500 Units at a price of C$2.70 per Unit, exercisable at any time, for a period of 30 days after and including the Closing Date. The Over-Allotment Option is exercisable to acquire Units, Common Shares and/or Warrants (or any combination thereof) at the discretion of the Underwriter.

Click here to read the full press release.

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