SASKATOON, Saskatchewan – December 22, 2016 (Investorideas.com Newswire) NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. CanniMed Therapeutics Inc. (“CMED” or the “Company”), a leading plant biopharmaceutical company specializing in the production of pharmaceutical-grade cannabis, announced today the pricing of its initial public offering of 5,000,000 common shares at a price of $12.00 per common share (the “Offering”). The Offering is expected to result in aggregate gross proceeds to CMED of $60,000,000. In addition, CMED has granted the underwriters an option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 750,000 common shares at a price of $12.00 per common share, to cover over-allotments, if any (the “Over-Allotment Option”).
Closing of the Offering is expected to take place on or about December 29, 2016, subject to customary closing conditions, at which time the common shares will commence trading on the Toronto Stock Exchange (the “TSX”) under the symbol “CMED”. CMED has received conditional approval for the listing of its common shares on the TSX, subject to CMED fulfilling all of the customary requirements of the TSX.
The Offering is being made through a syndicate of underwriters led by AltaCorp Capital Inc. and including Canaccord Genuity Corp., Clarus Securities Inc., Mackie Research Capital Corporation and Haywood Securities Inc.
A copy of the final prospectus is available on SEDAR (www.sedar.com).
No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
About CanniMed Therapeutics Inc.
The Company is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 15 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant plant production processes, including 281 points of quality control, and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
CanniMed Ltd., a wholly-owned subsidiary of the Company, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations.
Prairie Plant Systems Inc., a wholly-owned subsidiary of the Company, was the sole supplier to Health Canada under the former medical marijuana system for 13 years, and has been producing safe and consistent medical marijuana for thousands of Canadian patients, with no incident of diversion.
Forward Looking Statement
This press release contains “forward-looking information” within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to the trading date of the Company’s common shares and the exercise by the underwriters of the over-allotment option. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the final prospectus dated December 21, 2016, the risk that closing of the Offering will be delayed and the risk that the Offering may not be completed. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.
For further information, please contact:
CanniMed Therapeutics Inc.
Dara Willis, 416-836-9272