RIV Capital Inc (RIV)

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CANOPY RIVERS INC (CNPOF)
News Release

02/04/2019
04:54 PM EST



TSXV-Listed Canopy Rivers Raising $85 Mln In Bought Deal, Private Placement

02/04/2019 16:53 PM EST


04:53 PM EST, 02/04/2019 (MT Newswires) -- Canopy Rivers (RIV.V) on Monday said it is raising gross proceeds of $55 million through a bought deal sale of subordinated voting shares, while its h its largest shareholder agreeing to a private placement worth $30 million to increase its stake in the cannabis-sector investment company.
Canopy Rivers said it is selling 11.5 million shares to an underwriting syndicate led by CIBC Capital Markets and Eight Capital at a price of $4.80 each. Along with the sale Canopy Growth (WEED.TO) agreed to buy 6.25 million shares at the same terms in a private placement, raising its stake in the company to 27.3% from 26.5%.
The company plans to use the proceeds for additional investments
Canopy Rivers shares closed down $0.19 to $5.22 on the Toronto Stock Exchange.
Price: 5.22, Change: -0.19, Percent Change: -3.51
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02/04/2019 03:59 PM EST. Quotes delayed at least 15 minutes.