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THC Signs Capital signs up to USD12m financing with Alumina.

M2 EQUITYBITES-August 14, 2017-THC Signs Capital signs up to USD12m financing with Alumina

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Scientific research company THC BioMed Intl Ltd (CSE:THC) reported on Friday a commitment of up to USD12m with Alumina Partners (Ontario) Ltd in a private placement.

THC BioMed Intl Ltd has issued 483,870 units to Alumina at a price of USD0.31 per unit for gross proceeds of USD150,000 as part of the draw down facility.

Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles Alumina to purchase one common share of THC BioMed Intl Ltd for a period of 36 months from closing at a price of USD0.3875 per common share.

According to THC BioMed Intl Ltd, the proceeds will be used for business expansion, marketing as well as general working capital.

This financing has been structured to best suit the fast-growing Cannabis Industry. Alumina has structured the terms so that funds may be drawn on an as needed basis, allowing THC to finance as it achieves milestones on an upward trajectory.

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Publication:M2 EquityBites (EQB)
Date:Aug 14, 2017
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