{"id":105287,"date":"2021-01-22T14:14:41","date_gmt":"2021-01-22T14:14:41","guid":{"rendered":"https:\/\/myfintale.com\/?p=105287"},"modified":"2021-01-22T14:14:41","modified_gmt":"2021-01-22T14:14:41","slug":"verano-holdings-raises-100-mln-in-subscription-receipt-financing","status":"publish","type":"post","link":"https:\/\/myfintale.com\/industries\/verano-holdings-raises-100-mln-in-subscription-receipt-financing\/","title":{"rendered":"Verano Holdings Raises $100 Mln In Subscription Receipt Financing"},"content":{"rendered":"

Verano Holdings LLC, a Chicago-based cannabis operator, said it has raised $100 million in subscription receipt financing in connection with its go-public transaction in Canada.<\/p>\n

In December 2020, Verano said it entered into a definitive agreement to consummate a go-public transaction in Canada that will be implemented through the reverse takeover of Alberta, Canada-based Majesta Minerals. <\/p>\n

In addition, the transaction will include the previously announced merger of Verano with Alternative Medical Enterprises LLC; Plants of Ruskin GPS LLC; RVC 360 LLC and affiliated companies, collectively known as “AltMed”. <\/p>\n

AltMed produces and dispenses medical cannabis and medical cannabis products in Florida and Arizona.<\/p>\n

The transaction is expected to close in February 2021. The resulting Canadian reporting company will be named “Verano Holdings Corp.”<\/p>\n

While announcing its proposed business<\/span> combination with Verano in December 2020, Majesta Minerals said that a concurrent subscription receipt offering will be conducted by a special purpose financing vehicle or Finco to raise gross proceeds of between $50 million and $100 million.<\/p>\n

Verano noted Thursday that in connection with the reverse takeover deal, 1276268 B.C. Ltd. or Finco has completed a concurrent brokered and non-brokered private placement financing of subscription receipts for gross proceeds of $100 million.<\/p>\n

The offering was comprised of a brokered offering of 6.72 million subscription receipts for gross proceeds of $67.20 million, and a non-brokered offering of 3.28 million subscription receipts for gross proceeds of $32.80 million.<\/p>\n

The subscription receipts will be indirectly and automatically exchanged for subordinate voting shares of Verano Holdings, the new publicly traded company.<\/p>\n

The consummation of the transaction is subject to the approval by Majesta’s shareholders. It is a condition of closing of the transaction that the subordinate voting shares of Verano Holdings be listed on the Canadian Securities Exchange. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Verano Holdings LLC, a Chicago-based cannabis operator, said it has raised $100 million in subscription receipt financing in connection with its go-public transaction in Canada. 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