OPPORTUNITY!! There will be a "knee-jerk" reaction and brief selloff. BUT, we are only talking about 2,800,000 shares.
BUY THE DIP.
Columbia Care Announces C$25 Million Bought Private Placement Offering
BY Canada NewsWire 02/11/2021
NEW YORK, Feb. 11, 2021 /CNW/ - Columbia Care Inc. ( CCHWF ) (FSE: 3LP) ("Columbia Care" or the "Company") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. ("Canaccord") pursuant to which Canaccord has agreed to purchase for resale, on a bought deal private placement basis, 2,800,000 common shares(not bad) (the "Shares") in the capital of the Company at a price of C$9.00 per Share ($7.11 U.S.) (the "Offering Price") for aggregate gross proceeds to the Company of C$25,200,000 (the "Offering"). It is expected that the Offering will be primarily sold to one large institutional investor.
The closing of the Offering is expected to occur on or about February 25, 2021 (the "Closing Date") and is subject to the completion of formal documentation and receipt of all regulatory approvals, including the approval of the Canadian Securities Exchange and the Aequitas NEO Exchange.
The net proceeds from the Offering will be used for working capital and general corporate purposes.
The Company has granted Canaccord an option (the "Over-Allotment Option"), exercisable, in whole or in part, by Canaccord, giving notice to the Company at any time and from time to time up to the Closing Date, to purchase, or to find substituted purchasers for, up to an additional number of Shares equal to 15% of the number of Shares sold pursuant to the Offering at the Offering Price per Share to cover over-allotments, if any, and for market stabilization purposes.
About Columbia Care ( CCHWF)
Columbia Care ( CCHWF ) is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult-use cannabis products and related services with licenses in 18 US jurisdictions and the EU.
Columbia Care ( CCHWF ) currently operates 108 facilities including 81 dispensaries and 27 cultivation and manufacturing facilities. Columbia Care ( CCHWF ) is one of the original providers of medical cannabis in the United States, and continues to deliver an industry-leading, patient-centered medicinal cannabis operation that has quickly expanded into the adult-use market as a premier operator.
The company currently offers products spanning flower, edibles, oils, and tablets, and manufactures popular brands including Seed & Strain, Amber and Platinum Label CBD. With more than four million sales transactions since its inception in 2012, Columbia Care ( CCHWF ) is known for setting the standard for compassion, professionalism, quality, care, and innovation in the rapidly expanding cannabis industry. For more information on Columbia Care ( CCHWF ), please visit www.col-care.com.
