Plus Products (CSE: PLUS) has successfully completed its initial public offering (“IPO”) of 6,153,847 subordinate voting shares at a price of CAD $3.25 per share. The offering resulted in total gross proceeds to the company of CAD $20,000,002.75. Canaccord Genuity Corp., Haywood Securities Inc. and PI Financial Corp. acted as agents for the IPO. PLUS has granted the agents 297,784 non-transferrable share purchase warrants that are exercisable into one subordinate voting share in the capital of the company at the price of CAD $3.25 each for a period of 24 months. The agents also received a fee equal to 6% of the gross proceeds of the IPO from subscribers, excluding those on the president’s list. The agents received a fee equal to 2.5% of the gross proceeds of the IPO received from the president’s list subscribers. Additionally, PI Financial Corp., the lead agent, received a corporate finance fee of US $200,000 which PLUS fulfilled by issuing 80,000 subordinate voting shares upon closing of the IPO. Following its successful IPO, PLUS began trading on The Canadian Securities Exchange today under the trading symbol “PLUS”.
“We are deeply appreciative to have received robust demand and to close the books on our initial public offering. I would like to personally thank the many people that worked diligently to help build Plus Products into the company it is today,” Plus Products CEO Jake Heimark stated in the news release. “Our goal is to continue to be a leader in California’s regulated cannabis industry and to add value to our shareholders over the long term.”
To view the full press release, visit http://nnw.fm/UF4sf
The company is a branded products manufacturer based in California. Its products consist of cannabis infused edible, which it sells to both the regulated medicinal and adult-use recreational markets. PLUS™ is currently one of the fastest-growing edible brands in California with several top-selling products, by category. The company’s mission is to make cannabis safe and approachable – that starts with manufacturing high-quality products delivering consistent experiences. All products are produced in the company’s dedicated food-safe cannabis manufacturing facility in southern California. For more information, visit the company’s website at www.PlusProducts.com.
More from NetworkNewsBreaks
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information please visit https://www.NetworkNewsWire.com
New York, New York