The Daily Hit: January 21, 2021

It’s time for your Daily Hit of financial cannabis news for January 21, 2021.

On The Site

Revive Therapeutics

No sooner had Revive Therapeutics Ltd. (OTC: RVVTF) announce it had raised $10, then it stopped trading to say the deal was upsized to $20 million. Revive is a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders. The company entered into an agreement with Canaccord Genuity Corp. and Leede Jones Gable Inc. to pay $0.50 per Equity Unit. Under the amended terms, the Underwriters have agreed to purchase, on a bought deal basis, 40 million Equity Units for gross proceeds to the Company of $20 million. The stock was lately selling at $0.47. The closing of the offering is expected to occur on or about the week of February 8, 2021.

The company said that the net proceeds would be used for Phase 3 ‎clinical costs for Bucillamine for COVID-19, Phase 1 clinical ‎costs for Psilocybin for methamphetamine use disorder ‎study, and other Psychedelic formulation development work as well as working capital and general corporate purposes. ‎

Auxly

Auxly Cannabis Group Inc. (OTCQX: CBWTF) has raised $15 million with a deal in which ATB Capital Markets Inc. and Cantor Fitzgerald Canada Corporation, as co-lead underwriters and joint book-runners, together with a syndicate of underwriters will buy 40,550,000 Units of the Company at a price per unit of $0.37. The stock was lately selling at $0.33. The offering is expected to occur on or about February 10, 2021.

Auxly said each Unit shall be made up of one common share of the company and one-half of one Common Share purchase warrant of the Company. Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.46 at any time up to 36 months from the closing of the Offering.

In Other News

Aurora Cannabis Inc. (ACB) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and ATB Capital Markets, under which the underwriters have agreed to buy on bought deal basis 12,000,000 units of the company, at a price of US$10.45 per Unit for gross proceeds of approximately US$125 million. Each Unit will be comprised of one common share of the Company and one half of one common share purchase warrant of the Company. Each Warrant will be exercisable to acquire one common share of the Company for a period of 36 months following the closing date of the Offering at an exercise price of US$12.60 per Warrant Share, subject to adjustment in certain events.

Debra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief 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 Masters degree in Business Journalism from New York University.


One comment

  • Chris Kelly

    January 22, 2021 at 1:51 pm

    just came across your work here…thanks…this is very impressive

    Reply

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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