Cronos Group Inc. (TSXV:MJN) (OTC:PRMCF) announced this morning the closing of its non-brokered private placement financing round of approximately 6,666,667 common shares at a price of $2.25 CAD per share, following an up-sizing from 4,444,444 common shares after increased investor demand.
The Cronos offering resulted in total gross proceeds of approximately $15,000,000 CAD, of which the net proceeds will primarily be used for working capital and general corporate purposes and to fund the continued expansion of the company's production capacity.
Mike Gorenstein, CEO of Cronos commented, "We are extremely fortunate to have investors that share our vision and are focused on the long term. Our strategic capital partners add intangible value that doesn't show up on the balance sheet."
Cronos Group is a geographically diversified and vertically integrated cannabis company that operates two wholly-owned Licensed Producers under Health Canada's Access to Cannabis for Medical Purposes Regulations and holds a portfolio of minority investments in other Licensed Producers. The Company's flagship LPs, Peace Naturals Project Inc. and In The Zone Produce Ltd., are collectively situated on over 125 acres of agricultural, licensed land.
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