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Mar 9, 2021

MediPharm Labs Closes $33 Million Bought Deal Equity Financing

Melanie Cole, Amy Marcen-Gaudaur, Meredith McCann and Barbara Worndl

MediPharm Labs Corp. (“MediPharm”), a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, recently completed a bought deal offering of units (“Units”) for total gross proceeds of $33,350,000.

On March 5, 2021, MediPharm completed the offering through the issuance of 57,500,000 Units (including 7,500,000 Units issued pursuant to the exercise of the underwriters’ over-allotment option in full prior to closing) at a price of $0.58 per Unit. Each Unit was comprised of one common share in the capital of MediPharm (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one Share at an exercise price of $0.70 per Share for a period of 24 months from the date of closing. The offering was led by Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters that included BMO Nesbitt Burns Inc., Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc. Alliance Global Partners acted as financial advisors in connection with the offering.

Net proceeds from the offering are intended to fund growth of MediPharm’s Cannabis 2.0 product portfolio, expand medical products and Active Pharmaceutical Ingredient portfolio for export, pharmaceutical registrations, research and development related to clinical trial formulations, sales and marketing in new markets and for general corporate purposes, including funding working capital.

Aird & Berlis LLP represented MediPharm with a team that included Melanie Cole, Amy Marcen-Gaudaur, Meredith McCann (Capital Markets) and Barbara Worndl (Tax).

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