Gage Cannabis Announces Final Closing of Oversubscribed Regulation A+ Equity Financing
Raises Maximum Gross Proceeds of US$50 million
DETROIT, Jan. 28, 2021 /PRNewswire/ — Gage Growth Corp. (“Gage” or the “Company”), the leading high-quality craft cannabis brand in Michigan, has announced final closing of its Regulation A, Tier 2, equity financing (the “Offering”). In total, Gage issued 28,571,400 Subordinate Voting Shares for gross proceeds of US$50,000,000, the maximum amount qualified under the Company’s offering circular (see Gage Cannabis Co. Offering Circular). The oversubscribed Offering included demand from both institutional and retail investors and significantly expanded the Company’s ownership base through the addition of over 1,000 new shareholders.
The Company expects to use the proceeds from the Offering to expand its retail footprint, pursue accretive acquisitions, and help position and solidify Gage as the leading cannabis brand in the state of Michigan.
We are humbled and excited by the significant interest and investor demand we received for our oversubscribed Reg A financing.
Fabian Monaco, President of Gage
Michigan is one of the fastest growing cannabis markets in the United States, and Gage is well positioned with a robust balance sheet to continue to grow our market share as the leading operator with the best brands in the state. This is a great first step in our journey to becoming a publicly-traded company, and we’re excited to continue to drive long-term shareholder value.
As previously announced, the Company continues to pursue a potential go-public transaction which it expects to complete in Q1 2021. Please do not hesitate to contact our Investor Relations team for further information or to be added to our shareholder distribution list at IR@GageUSA.com.
The Company is pleased to welcome Richard Mavrinac to the Company’s Board of Directors. Richard Mavrinac previously served as Chief Financial Officer of George Weston Limited and Executive Vice President of Loblaw Companies Limited, two of Canada’s largest companies operating in the retail grocery and bakery sectors. Mr. Mavrinac’s experience has encompassed all aspects of finance including overall responsibility for financial reporting, treasury, risk management, pension and benefits, investor relations, taxation, and mergers and acquisitions. Mr. Mavrinac is currently a member of the Board of Directors of TerrAscend Corp., Roots Corporation and Canopy Rivers Inc., and brings significant experience in the retail and cannabis sectors to the Board of Directors.
About Gage Growth Corp.
Gage Growth Corp. is innovating and curating the highest quality cannabis experiences possible for cannabis consumers in the state of Michigan and bringing internationally renowned brands to market. Through years of progressive industry experience, the firm’s founding partners have successfully built and grown operations with federal and state licenses, including cultivation, processing and retail locations. Gage’s portfolio includes city and state approvals for “Class C” cultivation licenses, processing licenses and provisioning centers (dispensaries). To learn more, please visit www.GageUSA.com.