Valens Co. has filed a base shelf prospectus with securities regulators in Canada that would enable the cannabis derivative manufacturer to raise up to 150 million Canadian dollars in aggregate over the next 25 months. That is up from the CA$100 million preliminary short form base shelf prospectus filed late last week. The new filing states that the company intends to use any net proceeds for “general corporate purposes, strategic initiatives, and international expansion.” The shelf offers will give the business the option to sell the securities when market conditions are ripe to do so. The regulatory filing says the company could offer and issue securities, including common shares, unsecured debt securities, subscription receipts, and warrants. Earlier this week, Valens entered into a definitive agreement to acquire LYF Food Technologies Inc., a cannabis edibles producer. The transaction will cost Valens some CA$24.9 million in cash and shares. Another CA$17.5 million could be paid in consideration of LYF achieving certain milestones related to profitability.
Marijuana Business Daily, 01/28/2021 15:36:00