Nuuvera closes $14M 1st tranche of subscription receipt financing

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By Ted Liu

Nuuvera Corp. has closed a first tranche of subscription receipts financing, raising $14.32 million in gross proceeds.

GMP Securities L.P., as lead agent, Clarus Securities Inc. and Canaccord Genuity Corp. are acting as agents in connection with the private placement. Fasken Martineau DuMoulin LLP acts as legal counsel to Nuuvera.

Nuuvera, through its subsidiaries, is currently engaged in the testing, analysis, formulation and extraction of cannabis and cannabis derivative products in Canada, with a view to the future commercial sale of such products, and is pursuing opportunities in various other legal international jurisdictions (excluding US).

On November 17, 2017, Nuuvera entered into a go-public transaction with Mira IX Acquisition Corp. (TSX-V: MIA.P) as part of Mira’s qualifying transaction (QT). Upon completion of the QT, it is intended that Mira will be known as “Nuuvera Corp.”

As part of the QT, Nuuvera intends to complete a private placement of not less than 8,000,000 subscription receipts at a price of $2.50 per subscription receipt for gross proceeds of not less than $20,000,000.

Nuuvera’s principal shareholders include Ronald Schmeichel and Lorne Abony. Other shareholders include James Eaton, Anthony Lacavera.

Upon closing of the transaction, 79,180,000 resulting issuer common shares will be issued to holders of Nuuvera common shares (including holders who receive Nuuvera shares in exchange for subscription receipts). The shareholders of Mira will own approximately 0.94% of the resulting issuer cmmon shares and the shareholders of Nuuvera will own approximately 99.06%.

Schmeichel, a director and officer of Mira, will own approximately 15.0% of the issued and outstanding resulting issuer common shares on a non-diluted basis (approximately 14.8% on a fully diluted basis). Abony, a director and officer of Nuuvera and proposed director and CEO of the resulting issuer, will own approximately 9.4% of the issued and outstanding resulting issuer shares on a non-diluted basis (approximately 11.8% on a fully-diluted basis).

photo credit: Nuuvera