Chicago, Dec. 9 – Ayr Strategies Inc. announced that it has upsized its private placement of notes to $110 million from $75 million in a press release on Wednesday.
The company sold an offering of 12.5% senior secured notes in Canada.
The company also completed an oversubscribed incentive cash exercise of 3 million of the company’s share purchase warrants for gross proceeds of over $25 million.
The two offerings together give the company $135 million, with which the company’s chief executive officer Jonathan Sandelman says, “Our announced M&A pipeline is fully financed and we are in a great position to continue to invest in our current operations while we explore other opportunities for expansion.”
Canaccord Genuity Corp. is the lead agent.
Ayr is a cannabis company based in Toronto.
| Issuer: | Ayr Strategies Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $110 million, upsized
|
| Warrants: | 3 million for $25 million
|
| Maturity: | Four years
|
| Coupon: | 12.5%
|
| Agent: | Canaccord Genuity Corp. (lead)
|
| Pricing date: | Dec. 9
|
| Distribution: | Private placement
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