Cronos Announces Private Placement of Common Shares
TORONTO, Sept. 14, 2017 /CNW/ – Cronos Group Inc. (“Cronos” or the “Company”) (TSX Venture: MJN) (OTC – Nasdaq International Designation: PRMCF) is pleased to announce that it expects to issue, by way of a non-brokered private placement, up to 4,444,444 common shares (the “Offered Shares”) at a price of $2.25 per Offered Share for total gross proceeds of up to $10,000,000 (the “Offering”).
The net proceeds from the Offering will primarily be used for working capital and general corporate purposes and to fund the continued expansion of the Company’s production capacity. The Offered Shares will be subject to a statutory hold period lasting four months and one day following the Closing Date (as defined below). Closing of the Offering is expected to occur on or about September 22, 2017 (the “Closing Date”). The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange, and such further restrictions as may apply under foreign securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Cronos Group
Cronos Group is a geographically diversified and vertically integrated cannabis company that operates two wholly-owned Licensed Producers (“LPs”) regulated within Health Canada’s Access to Cannabis for Medical Purposes Regulations (the “ACMPR”) and holds a portfolio of minority investments in other Licensed Producers. The Company’s flagship LPs, Peace Naturals Project Inc. (Ontario) and In The Zone Produce Ltd. (British Columbia), are collectively situated on over 125 acres of agricultural, licensed land. Cronos Group is focused on building an international iconic brand portfolio, providing patients with compassionate and personalized care, and creating value for our shareholders.
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