Dosecann Inc. has completed a private round of secured convertible debenture unit financing led by MMJ PhytoTech Limited (ASX: MMJ), raising $##Subscribe today to see our research on this and all other subscriber ONLY items##
MMJ PhytoTech invested $2.5 million in Dosecann at pre-money valuation of $11.5 million.
Each debenture unit shall consist of one 8% unsecured debenture and 500 common share purchase warrants. The debentures will be convertible, at the option of the holder, into common shares of Dosecann at a conversion price of $1.00 per common share. Each warrant entitles the holders to acquire one common share at an exercise price of $1.20.
Mackie Research Capital acted as placement agent. Dentons Canada LLP acted as legal counsel.
CreekStoney, Ontario based Dosecann is developing a suite of cannabis-based health and wellness products for the current medical and future adult use cannabis market. The company is planning construction of a 45,000ft² GMP pharmaceutical level production facility in Canada and aiming to secure Licensed Dealer status by May 2018.
photo credit: Shane Rounce via Unsplash
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