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Kiaro Holdings Corp. (TSXV:KO) (OTC:KIARF), a Canadian cannabis retailer and distributor, announced on Wednesday that it has completed a previously announced private placement of 3,759 convertible debenture units at a price of $1,000 per Unit, for gross proceeds of $3.759 million.
Research Capital Corporation acted as the lead agent and sole bookrunner, on behalf of a syndicate, including Canaccord Genuity Corp. (OTC:CCORF).
Net proceeds from the offering will be used for working capital and general corporate purposes.
“It’s exciting to see the overwhelming shareholder appreciation of Kiaro’s business plan and how quickly investor participation flowed in, enabling us to close this financing in short order. The funding will support the operationalization of the newly acquired Ontario, US and Australian assets, including bringing them to the Kiaro brand standard. As a result, we are now more confident than ever in delivering the forecasted $42.7M in revenue and beyond,” said Daniel Petrov, CEO of Kiaro.
The Details
Each convertible debenture unit consists of:
The Convertible Debentures are also subject to an accelerator option. Kiaro has granted the financiers an option to purchase up to an additional 15% of the units sold pursuant to the initial closing of the offering at the issue price, exercisable in whole or in part of any time up to 30 days after the date hereof.
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