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MedMen Substantially Revises Bought Deal

MedMen announces update to bought deal financing

LOS ANGELES, Nov. 16, 2018 /CNW/ – MedMen Enterprises Inc. (CSE:MMEN)(OTCQX: MMNFF) (“MedMen” or the “Company”) announces that, further to its press release dated November 9, 2018 announcing a $120 million bought deal financing (the “Financing”), the Company has agreed with Canaccord Genuity Corp. (“Canaccord”), on behalf of a syndicate of underwriters consisting of Eight Capital and Cormark Securities Inc. (together with Canaccord, the “Underwriters”), to amend the offering to issue to the Underwriters 13,640,000 units (“Units”) at a price per Unit of $5.50 (the “Issue Price”) for gross proceeds of $75,020,000 (the “Offering”). Each Unit will be comprised of one Class B Subordinate Voting Share of the Company (each, a “Class B Share”) and one Class B Share purchase warrant (each a “Warrant”). The exercise price for each Warrant is amended to $6.87 per Warrant and the Warrants are exercisable for a term expiring on September 27, 2021.

The Company has amended the over-allotment option to allow for purchases up to an additional 2,046,000 Units at the Issue Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. The over-allotment option may be exercised to acquire Units, Class B Shares, and/or Warrants of the Company. If this option is exercised in full, an additional $11,253,000 will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be approximately $86,273,000.

All other terms of the Financing remain unchanged.

The closing date of the Offering is scheduled to be on or about December 4, 2018 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.

Although a preliminary prospectus has been filed, no receipt has been issued.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

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About MedMen:

MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations across the country. Based in Los Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws. Visit http://www.medmen.com

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