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Jun 18, 2019
MediPharm Labs Completes $75 Million Bought Deal Financing
MediPharm Labs Corp. (“MediPharm Labs”), a leader in specialized, research-driven cannabis extraction and cannabinoid isolation, recently completed a $75 million bought deal offering of common shares.
On June 17, 2019, MediPharm Labs closed a bought deal offering of 13,514,000 common shares at a price of $5.55 per common share for aggregate gross proceeds of C$75,002,700. The offering was underwritten by a syndicate of underwriters led by Scotia Capital Inc., GMP Securities L.P. and BMO Nesbitt Burns Inc. MediPharm Labs plans to use the net proceeds from the offering to fund ongoing capital expenditures at its Canadian and Australian facilities, for domestic and international expansions, research and development and general corporate purposes.
MediPharm Labs has the distinction of being the first company in Canada to become a licensed producer for cannabis oil production under the ACMPR without first receiving a cannabis cultivation license. This expert focus on cannabis concentrates allows MediPharm Labs to produce purified, pharmaceutical-like cannabis oil and concentrates for advanced derivative products. MediPharm Labs has invested in an expert, research-driven team, state-of-the-art technology, downstream extraction methodologies and purpose-built facilities to deliver pure, safe and precisely-dosed cannabis products to patients and consumers.
Aird & Berlis LLP represented MediPharm Labs with a team comprised of Melanie Cole, Amy Marcen-Gaudaur and Meredith McCann (capital markets) and Barb Worndl (tax).