GOF strikes cannabis Gold in CanniMed IPO

CanniMed Therapeutics Inc. completed its initial public offering (IPO) on December 29, 2016, issuing 5 million common shares at a price of $12.00 per common share for gross proceeds of $60 million.

CanniMed Therapeutics commenced trading on the Toronto Stock Exchange under the symbol “CMED”.

Golden Opportunities Fund Inc. (GOF), a retail fund managed by Westcap Mgt and the single largest shareholder of CanniMed, holds 3,684,128 shares representing approximately 18.57% of the issued and outstanding common shares of CanniMed on a non-diluted basis, 29,092 warrants exercisable into 29,092 common shares at a price of $5.50 per share and $1,620,000 debentures convertible into 294,544 shares of CanniMed at a price of $5.50 per share.

The value of GOF holdings in CanniMed is approximately $46.3 million based on the IPO share price, representing 6.8 times of its investment costs.

CanniMed stock closed at $10.75 on December 30, 2016.

photo credit: CanniMed

Ted Liu

Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.