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Chalice Brands Ltd. (CSE:CHAL) (OTCQB:CHALF) reported its third-quarter financial results Tuesday with 29% year-over-year revenue growth to $8.0 million and announced it has completed a brokered private placement for gross proceeds of CA$5.7 million ($4.49 million).
“The third quarter was another outstanding performance for Chalice as we accomplished record revenues and our most profitable quarter to date,” Jeff Yapp, president and CEO of Chalice Brands stated. "During the quarter, we closed a transformative acquisition in Oregon of four retail dispensaries from Acreage, bolstering our retail footprint by 130% in the fiscal year. By maintaining our focus on profitable operations and accretive acquisitions, Chalice has immediately impacted the vertical contribution within the new stores ahead of schedule.”
Subsequent to third quarter, on October 7, the company announced the promotion of Meghan Miller to chief operating officer.
The Portland, Oregon-based cannabis company also confirmed Tuesday it has completed the previously announced brokered private placement of unsecured convertible debenture units and equity units led by Canaccord Genuity Corp. as sole agent and book-runner.
Under the offering, Chalice Brands issued, for gross proceeds of CA$5.7 million: (a) 4,025 debenture units, with each debenture unit consisting of one CA$1,000 principal amount unsecured convertible debenture and 500 warrants of the company; and (b) 2.29 million equity units at a price equal to CA$0.75 per equity unit, with each equity unit comprised of one common share of the company and one-half of one (1/2) warrant.
The debentures will mature on November 23, 2024, and bear interest at a rate of 10% per annum from the closing date, calculated and payable on a semi-annual basis.
The company intends to use the net proceeds of the offering for strategic retail license acquisitions and general corporate purposes.
Price Action
Chalice Brands’ shares closed Tuesday’s pre-market session 4.57% higher at 51 cents per share.
Photo: Courtesy of CRYSTALWEED cannabis on Unsplash