This morning, Matica Enterprises (CSE:MMJ)(OTC:MQPXF) announced that the company has closed their private placement of units comprised of one share and one warrant. Each warrant entitles the holder to purchase one common share of the Company for a period of 18 months from the closing date at a price of $0.10 per warrant. Matica rose $2,515,300 CAD in aggregate gross proceeds from the offering. All securities purchased are subject to the customary 4 month hold period.
Matica intends to use the proceeds to fund the previously announced $2,200,000 CAD build-out of RoyalMax Biotechnology Canada's Dorval cultivation facility. RoyalMax Biotechnology Canada Inc. is a late-stage ACMPR applicant.
Now Read: 7 Stages of the ACMPR Application Process
Matica has entered into an agreement with RoyalMax which will allows Matica to acquire an initial 65% interest with the right to earn an additional 5% upon the completion of certain milestones.
In midday trading Tuesday, shares of Matica Enterprises on the CSE are up more than 4%. The company's OTC Markets symbol is up roughly 2% on very light trading volume. Year-to-date, shares of Matica are up roughly 500%!
The Daily Marijuana Observer is working on a marijuana stock profile for Matica Enterprises, so check back soon or subscribe to their free Canadian L.P. (and late-stage applicant) email newsletter to find out when it becomes available.
In the meantime, be sure to check out their Canadian L.P. Database where you can find custom charts and more recent news from Canada's publicly traded LPs.
If you haven't already, connect with The Daily Marijuana Observer on Facebook, Twitter and Instagram.
Investing in nanocap, microcap, and small cap stocks is highly speculative. The publishers of DailyMarijuanaObserver.com are not registered as Investment Advisors or Broker-Dealers in any jurisdiction whatsoever. The information contained on DailyMarijuanaObserver.com (“this site”) has been prepared solely for informational purposes. Nothing on the site is an offer or solicitation to buy or sell securities. Investors should seek financial advice regarding the appropriateness of investing in any securities mentioned from their financial advisor.