CAN (BC): Emerald Health closes $2.1M prospectus sale

Emerald Health Therapeutics it has closed its prospectus offering to certain institutional accredited investors, as announced on May 21, 2020. Pursuant to the Offering, Emerald has issued 11,351,351 units of Emerald at a price of $0.185 per Unit for total gross proceeds of $2,100,000.

"Each Unit consists of one common share of Emerald and one Common Share purchase warrant," the team with the company explains. "Each Warrant entitles the Investors to acquire one additional Common Share at a price of $0.27 per Warrant Share for a period of three years following the closing of the Offering. In the event that the closing sale price of the Common Shares on the TSX Venture Exchange, or such other principal exchange on which the Common Shares are then trading, is greater than $0.40 per Common Share for a period of ten consecutive trading days at any time after the closing of the Offering, Emerald may accelerate the expiry date of the Warrants by giving written notice to the Investors and in such case the Warrants will expire on the 15th day after the date on which such notice is given by Emerald."

"Emerald intends to use the net proceeds of the Offering for the payment of salaries, lease obligations and other operating costs."

The Units were offered by way of a shelf prospectus supplement filed in all of the provinces of Canada pursuant to National Instrument 44-102 – Shelf Distributions.