New Leaf Ventures IPO Raises $1.2 Million

New Leaf Ventures Inc. (CSE: NLV) completed its initial public offering (IPO) of 4,768,871 units at a price of $0.25 per Unit, for aggregate gross proceeds of approximately C$1,192,217. The company had originally intended to raise $5 million.

The company said it intends to use the proceeds for the expansion and business development of its holdings in the United States, as well as for marketing activities, and for ongoing general working capital requirements.

New Leaf Ventures Inc. acquired ownership of New Leaf USA and its subsidiaries, which provide licenses, consulting services, real property, intellectual property and equipment for lease and ancillary services to a Washington-based Tier 3 Producer/Processor focused on cultivating, growing, processing, packaging, and distributing cannabis and cannabis-related products.

Each Unit is comprised of one (1) common share in the Company and one half (1/2) common share purchase warrant. Each Warrant will be exercisable at a price of $0.40 for a period of 24 months from the listing of the Common Shares on the Canadian Securities Exchange, subject to early expiry if the closing price of the Common Shares on the CSE  is equal to or greater than $0.60 per Common Share for a period of ten (10) consecutive trading days.

Following the completion of the Offering and closing of the Acquisition Transaction, the Company has 30,072,547 Common Shares issued and outstanding. The Common Shares have been listed and posted on the CSE and are anticipated to commence trading at market open on May 1, 2020, under the stock symbol “NLV.”

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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