Toronto-based Fire Cannabis Inc., doing business as SLANG WORLDWIDE, has closed its private placement offering of roughly 22.4 million special warrants and raised $16.7m in gross proceeds.
Canaccord Genuity Corp. and Clarus Securities Inc. co-led the offering, with PowerOne Capital Markets Limited and XIB Asset Management Inc. acting as members of the Selling Group.
SLANG co-founder, chairman and president Peter Miller said this builds upon the firm’s momentum and backs its aggressive growth strategies.
“We’ve laid the first planks of our international distribution platform for the industry’s best brands, in collaboration with our industry-leading partners,” Miller said.
SLANG co-founder and director Bill Levy added that partnering with the biggest cannabis firms globally and closing this recent financing has given the firm a solid foundation to build upon.
“We’ve developed a robust pipeline of strategic opportunities that we are moving forward with to further accelerate the expansion of our global platform,” Levy said.
The firm wishes to use the proceeds of the private placement to fund its long-term strategy of making targeted brand acquisitions and further developing its brands, distribution and supply chain opportunities.
This article has been edited. It first appeared on Private Capital Journal, a site managed by CPE Media Inc, the official data provider for PCMA. Read the rest of the article here.
Click here to subscribe to the Private Capital Journal. PCMA members receive a 10% discount on all their subscriptions. Part of your subscription fee goes to support the PCMA.
Check out these subscriber-only news items on Private Capital Journal:
- CareGuide secures Series A financing
CareGuide secured Series A round of financing from Canadian and US venture funds and Canadian and international private investors
- Waterous Energy Fund to take Cona Resources private for $90M
Waterous Energy Fund to take Cona Resources (TSX: CONA) private at $2.55 per share for $90M to minority shareholders
- Caisse de dépôt et placement du Québec leads Poka $10M Series A
Poka secured $10M Series A from Espace CDPQ, Robert Bosch Venture Capital, Leclerc family, iNovia Capital and Uncork Capital.
- ecobee secures US $61M Series C led by Energy Impact Partners
ecobee raised US $61M in Series C from Energy Impact Partners, Thomvest, Relay Ventures, Amazon Alexa Fund, North Leaf Capital Partners, EDC, OCGC, Tech Capital, GXP Investments.