Harvest Closes Upsized C$46 Million Unit Offering

Harvest Health & Recreation Inc. Announces Closing of C$46,000,000 Bought Deal Financing

PHOENIX, Oct. 28, 2020 /CNW/ — Harvest Health & Recreation Inc. (“Harvest” or the “Company”) (CSE: HARV), a vertically integrated cannabis company and multi-state operator in the U.S., is pleased to announce that, further to its news releases dated October 21, 2020 and October 22, 2020, the Company has completed its previously announced bought deal public offering of 20,354,080 units (the “Units”), including 2,654,880 Units issued pursuant to the Underwriters’ (as defined herein) over-allotment option which was exercised in full by notice to the Company, at a price of $2.26 per Unit (the “Offering Price”), for aggregate gross proceeds of $46,000,220.80 (the “Offering”) (All figures are in Canadian dollars unless otherwise stated).

Each Unit consists of one subordinate voting share of the Company (each, a “Unit Share”) and one-half of one subordinate voting share purchase warrant (each whole subordinate voting share purchase warrant, a “Warrant”). Each Warrant is exercisable into one subordinate voting share of the Company at an exercise price of $3.05 per subordinate voting share for a period of 30 months from the Closing Date (as defined below) (the “Warrant Shares” or together with the Unit Shares, “Shares”). If the daily volume weighted average trading price of the subordinate voting shares of the Company on the Canadian Securities Exchange (the “CSE”) for any 10 consecutive days equals or exceeds $4.97, the Company may, upon providing written notice to the holders of the Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice.

Eight Capital and Canaccord Genuity Corp. acted as co-lead underwriters and joint bookrunners in respect of the Offering with a syndicate that also included ATB Capital Markets Inc. and Beacon Securities Limited (the “Underwriters”).

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the “United States” or to, or for the account or benefit of, any person in the “United States” or “U.S. person” (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or in compliance with an applicable exemption from such registration requirements. 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.

About Harvest Health & Recreation Inc.

Headquartered in Tempe, Arizona, Harvest Health & Recreation Inc. is a vertically integrated cannabis company and multi-state operator. Since 2011, Harvest has been committed to expanding its retail and wholesale presence throughout the U.S., acquiring, manufacturing, and selling cannabis products for patients and consumers in addition to providing services to retail dispensaries. Through organic license wins, service agreements, and targeted acquisitions, Harvest has assembled an operational footprint spanning multiple states in the U.S. Harvest’s mission is to improve lives through the goodness of cannabis. We hope you’ll join us on our journey: https://harvesthoc.com

Facebook: @HarvestHOC
Instagram: @HarvestHOC
Twitter: @HarvestHOC

Original press release

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Published by NCV Newswire
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