Proceeds will be used for construction of an automated greenhouse cannabis production facility in Australia
Asterion Cannabis Inc announced a private placement for aggregate gross proceeds of up to C$5 million (US$3.8 million).
The Vancouver-based cannabis company said Thursday in a statement that it plans to use proceeds for construction of an automated greenhouse cannabis production facility in Queensland, Australia.
BIG PICTURE: Asterion Cannabis builds economies of scale for competitive advantage
Asterion said it was placing as many as 6.67 million units at a price of C$0.75 per unit. Each unit will consist of one common share and a common share purchase warrant. Each warrant, in turn, entitles the holder to purchase one additional share at a price of C$1 per share for a period of 24 months from the closing of the financing, subject to acceleration.
The company added that a finder's fees will be payable on a portion of the financing, with all securities subject to a hold period of four months and one day in Canada.
Asterion specializes in organic medical cannabis, with the goal of becoming an industry leader in next-generation cannabis products.
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