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Canopy Growth Corp. (Tweed) surprises investors with bought deal announcement
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The subscription service is currently unavailable. Please try again later.Marijuana-producing Canopy Growth Corp. announced on Friday that it has raised $12.5-million in an equity bought deal, led by Dundee Securities Corp.
The stock sale was done at $2.05 a share, a discount of 15.5 per cent compared with where Canopy shares closed on Thursday.
The announcement of a dilutive equity deal was an about-face for the company. In an interview with The Globe and Mail on Tuesday, Canopy chief executive officer Bruce Linton played down any talk of a capital raise being imminent.
“At this time, no,” he said, explaining that Canopy was sufficiently well-capitalized for now, having raised $22-million earlier in the year.
Mr. Linton also expressed optimism that the next time Canopy needs to raise capital, the company would be “mature enough” to qualify for debt.
“I have $60-million of tangible assets creating real cash flows,” he pointed out as evidence that the company was “debt-ready.”
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