Toronto (pcJ News Briefs) – Kitrinor Metals Inc. (TSX-V: KIT) and Scythian Biosciences Inc. announced that Scythian has closed an initial tranche of a brokered private placement offering of 32,712,500 subscription receipts led by Clarus Securities Inc., together with Haywood Securities Inc. and Canaccord Genuity Corp., for gross proceeds of C$13,085,000.
The financing was part of the proposed reverse take-over (RTO) of Kitrinor Metals.
An investor syndicate comprised of both new investors, including institutional investors, and existing shareholders participated in the finanicng. Aphria Inc. (TSX-V: APH; OTCQB: APHQF), a Health Canada Licensed Producer of medical cannabis products, participated as a strategic lead investor. Delavaco Group acted as strategic investor and advisor to the transaction.
Scythian Biosciences Inc. is a research and development company committed to finding a solution for the prevention and treatment of concussions and traumatic brain injury with its proprietary Cannabinoid combination.
Kitrinor Metals Inc. is a junior mining exploration company engaged in the acquisition, exploration and development of mineral resource properties in Canada. The company’s activities are currently focused on the exploration and development of the Culroc Property located in the Township of Sothman, Ontario.