Canadian medical marijuana company Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQB: KHRNF) has raised $13 million USD in funding by selling more than 14.3 million common shares.
The Toronto-based company plans to use the proceeds to fund the expansion of its cannabis-growing facility in Colombia, purchase equipment, construct clinics, and launch its line of “cosmeceutical” products. Some of the cash will also go toward “general working capital purposes,” stated Khiron Life Sciences.
The shares were sold at $0.90 USD per share on September 12 to raise the overall sum, including the “exercise in full of the over-allotment option,” stated the company that maintains is primary operations in Colombia.
The offering remains subject to final acceptance of regulatory filings by the TSX Venture Exchange (TSXV).
The share sale was completed by a group of agents led by Canaccord Genuity Corp. and including GMP Securities L.P., Sprott Private Wealth LP, and Cormark Securities Inc.