The company Asterio Cannabis has completed a $10M private placement, that will be used to further construct a cultivation facility based in Australia.
Asterion Cannabis has announced a non-brokered private placement of up to 6,666,667 units (each, a “Unit”) at the price of CAD $1.50 per Unit, for aggregate gross proceeds of up to CAD $10,000,000 (the “Financing”). Each Unit will consist of one common share in the capital of the Company (each, a “Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”), with each whole Warrant entitling the holder thereof to purchase one additional Share at an exercise price of CAD $2.00 for a period of 24 months from the closing of the Financing, subject to acceleration. Finder’s fees may be payable on a portion of the Financing. All securities issued under the Financing will be subject to a hold period of four months and one day in Canada.
"Proceeds from the Financing are intended to be used to construct approximately 40 hectares (99 acres) of cutting-edge, secure, purpose-built greenhouses near Toowoomba in South East Queensland, Australia (the “Toowoomba Facility”) for the production of high-quality organic medicinal cannabis, and for general working capital purposes," the team with the company explains.