An Ottawa-based hemp firm has raised a sizeable chunk of funding to improve its U.S. production prospects.
LiveWell Canada announced this week it had closed a private placement of senior secured convertible notes worth $15 million. Some $3 million of these notes include previously announced bridge financing to cover costs related to its anticipated merger with Canada’s Vitality CBD Natural Health Products and its U.S. subsidiary. (All figures in USD.)
The firm also closed a placement of equity units, raising a total of C$1.7 million (US$1.3 million). Factoring in agent fees and legal expenses, LiveWell will collect roughly $12.1 million in net proceeds from the rounds.
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LiveWell develops products from extracted CBD, the non-psychoactive component of cannabis. The company said in a release it will put the net proceeds from its raise towards enhancing and optimizing production at an extraction facility in Eureka, MO, which it will acquire in the deal with Vitality. The acquisition remains subject to a shareholder vote, currently slated for April 11.
