Maricann arranges $50.07M bought deal
MARICANN GROUP Inc. has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp., pursuant to which the underwriters will purchase, on a bought-deal basis pursuant to
the filing of a short-form prospectus, an aggregate of 30.35 million units of the company at a price of $1.65 per unit for aggregate gross proceeds of $50,077,500.
Each unit will consist of one common share and one-half of one common share purchase warrant of the company. Each warrant will be exercisable to acquire one common share of the company for a period of three years following the closing date (as hereinafter defined) at an exercise price of $2.15 per common share, subject to adjustment in certain events. In the event that the volume-weighted average trading price of the common shares for 10 consecutive trading days exceeds $3.25, the company shall have the right to accelerate the expiry date of the warrants upon not less than 30 days notice.
The company has agreed to grant the underwriters an overallotment option to purchase up to an additional 4,552,500 units at the offering price, exercisable in whole or in part, at any time and from time to time on or prior to the date that is 30 days following the closing date. The overallotment option may be exercised to acquire units, common shares and/or warrants of the company. If the overallotment option is exercised in full, an additional $7,511,625 in gross proceeds will be raised pursuant to the offering and the aggregate gross proceeds of the offering will be $57,589,125.
The units will be offered by way of a short-form prospectus to be filed in all provinces of Canada, other than Quebec. The company intends to use the net proceeds from the offering for potential acquisitions, working capital and general corporate purposes.
The offering is expected to close on or about Oct. 31, 2018, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.
Maricann Group, through its subsidiaries, is operating under the Wayland Group name. For further details see the press release dated Sept. 24, 2018.
About Wayland Group Corp. (previously Maricann Group Inc.)
Wayland is a vertically integrated producer and distributor of cannabis for medical purposes. The company was founded in 2013 and is based in Burlington, Ont., Canada, and Munich, Germany, with production facilities in Langton, Ont., where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the government of Canada. The company also has production operations in Dresden, Saxony, Germany, and Regensdorf, Switzerland. Wayland is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000square-foot (87,515 sq m) footprint upon full buildout, and will continue to pursue new opportunities in Europe.
We seek Safe Harbor.
Gerhardus Muller, Sumesh Paul Pathak, Eric Silver, Michael Brian Stein, Benjamin Arnold Ward
(WAYL) Shares: 139,883,761