SALINAS: Indus Holdings Inc. announced the closing of its previously announced underwritten public offering of units of the Company.
he Offering was conducted by a syndicate of underwriters co‐led by Canaccord Genuity Corp. and Beacon Securities Limited, and including PI Financial Corp. and consisted of the sale of 23 million Units (including the full exercise of the over‐allotment option by the Underwriters) at a price of C$1.50 per Unit for aggregate gross proceeds of C$34.5 million.
Each Unit is comprised of one subordinate voting share of the Company and one‐half of one Share purchase warrant of the Company. Each Warrant is exercisable to acquire one subordinate voting share of the Company until December 21, 2023 at an exercise price of C$2.20 per Warrant Share, subject to adjustment in certain circumstances.
Indus Holdings Inc. has received approval from the Canadian Securities Exchange (“CSE”) to list the Warrants issued pursuant to the Offering, and the Warrants are expected to be listed and posted for trading on the CSE under the symbol “INDS.WT” on or about December 21, 2020, subject to the Company satisfying the remaining requirements of the CSE.
The Company intends to use the net proceeds from the Offering for the development of an additional cultivation and production facility and working capital and other general corporate purposes.
Indus Holdings Inc. (CSE: INDS; OTCQX: INDXF) is a vertically‐integrated cannabis company with advanced production capabilities, including cultivation, extraction, manufacturing, brand sales & marketing, and distribution.
Founded in 2014 and based in Salinas, California, Indus offers services supporting every step of the supply chain and an extensive portfolio of award‐winning brands, including Cypress Cannabis, House Weed, The Original Pot Co., MOON, Humble Flower, and Kaizen Medicinals. Indus Distribution, a division of Indus Holdings, Inc., is a leading distributor of cannabis products, servicing an extensive portfolio of brands and licensed retailers.
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