Emerald Health Therapeutics Closes $10.8 Million Prospectus Sale
December 07 2018 - 6:11PM
Emerald Health Therapeutics, Inc. (TSXV:EMH; OTCQX:EMHTF)
("Emerald" or the “Company”) closed today its prospectus sale (the
“Offering”) to a single Canadian institutional accredited investor
(the “Investor”) announced on December 3, 2018. Pursuant to the
Offering, the Company has issued 4,000,000 common shares of the
Company (the "Common Shares") at a price per Common Share of $2.70,
for gross proceeds of $10.8 million.
The Investor has an option (the “Option”) to
acquire up to a maximum of 1,555,555 additional Common Shares at a
price per Common Share of $2.70 for a period of ten business days
from the closing date. This Option was increased from the
previously announced 600,000 Common Shares. Complete exercise of
the Option would add gross proceeds of $4.2 million.
The Company intends to use the net proceeds of
the Offering to fund the completion of capital projects, research
and development, working capital, and general corporate
purposes.
The Common Shares were offered by way of a shelf
prospectus supplement filed in all of the provinces of Canada,
except Quebec, pursuant to National Instrument 44-101 - Short Form
Prospectus Distributions and National Instrument 44-102 Shelf
Distributions.
About Emerald Health
Therapeutics, Inc.
Emerald Health Therapeutics, Inc. is a Canadian
licensed producer of cannabis. Its 50%-owned Pure Sunfarms joint
venture in BC is completing the conversion of its 1.1 million
square feet (25 acres) greenhouse in the Lower Mainland to
cultivate cannabis and its Agro-Biotech operation in Québec is
currently operating out of its 75,000 square feet indoor cannabis
cultivation facility. Commercial production is expanding in both
facilities. In addition, Emerald has secured over 500 acres of hemp
harvest in 2018 and has contracted for approximately 1000 acres in
2019 to 2022, with the objective of extracting low-cost cannabidiol
out of its hemp harvest. Emerald’s team is highly experienced in
life sciences, product development, large-scale agri-business, and
marketing, and is focused on developing proprietary, value-added
cannabis products for medical and adult-use customers. Emerald is
part of the Emerald Health group, which represents a broad array of
companies focused on developing pharmaceutical, botanical, and
nutraceutical products developed to provide wellness and medical
benefits by interacting with the human body’s endocannabinoid
system.
Please visit http://www.emeraldhealth.ca for
more information or contact:
Rob Hill, Chief Financial Officer(800) 757 3536
Ext. #5
Investor Relations(800) 757 3536 Ext.
#5invest@emeraldhealth.ca
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements: Certain statements made in this press release that are
not historical facts are forward-looking statements and are subject
to important risks, uncertainties and assumptions, both general and
specific, which give rise to the possibility that actual results or
events could differ materially from our expectations expressed in
or implied by such forward-looking statements. Such statements
include statements relating to the filing and effectiveness of the
prospectus supplement; the use of proceeds from the Offering; the
anticipated closing date of the Offering; production capacity of
various facilities; expansion of facilities; increased commercial
production; anticipated production costs; implementation of future
business plans; and receipt of hemp deliveries.
Actual results may vary from forward-looking
statements. We cannot guarantee that any forward-looking statement
will materialize, and readers are cautioned not to place undue
reliance on these forward-looking statements. These forward-looking
statements involve risks and uncertainties related to, among other
things, exercise of the Option by the Investor and use of the
proceeds of the Offering failure to obtain necessary financing;
results of production and sale activities; results of scientific
research; regulatory changes; changes in prices and costs of
inputs; demand for labour; demand for products; future distribution
agreements; failure of counterparties to perform contractual
obligations; as well as the risk factors described in the Company’s
annual information form and other regulatory filings. The
forward-looking statements contained in this press release
represent our expectations as of the date hereof. Forward-looking
statements are presented for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to obtain a better understanding of our
anticipated operating environment. Readers are cautioned that such
information may not be appropriate for other purposes. The Company
undertakes no obligations to update or revise such statements to
reflect new circumstances or unanticipated events as they occur,
unless required by applicable law.
Emerald Health Therapeut... (TSXV:EMH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Emerald Health Therapeut... (TSXV:EMH)
Historical Stock Chart
From Apr 2023 to Apr 2024