Image default
Economy Finance

CAD $20 Million Initial Public Offering Completed by Plus Products Inc.

Plus Products Inc. (Company) announced its company’s Initial Public Offering (IPO) on Friday, October 26th, 2018. At a price of CAD $3.25 per offered share, a total of 6,153,847 subordinate voting shares are available at CAD $20,000,002.75.

Founded in 2015 in Denver, Colorado, Products Plus Inc. creates components that are cannabis-based. Now located in California, the company supplies infused edible items that are available on the recreational and medicinal cannabis markets.

The IPO was spearheaded by PI Financial Corp., with assistance from Haywood Securities Inc. and Canaccord Genuity Corp (Agents). These Agents have been granted 297,784 non-transferable share purchase warrants (the Agents Warrants) by the Company. For the next 24 months, these Agents Warrants are exercisable into a singular subordinate voting share in the capital of the Company at set price of CAD$3.25.

Furthermore, a figure of 2.5% was received by Agents of the total proceeds from subscribers on the President’s List and a sum of 6% was received by the Agents of the total proceeds from the IPO from subscribers that are not included on the President’s List.

Additionally, PI FInancial Corp. was granted a corporate finance fee of US$200,000 that was cleared by the Company by giving 80,000 subordinate voting shares, upon the closing of the IPO to PI Financial Corp.
The offered shares will commence trading on Monday, October 29th, on the Canadian Stock Exchange (CSE) using the trading symbol PLUS, having been made effective on Thursday, October 25th.

“We are deeply appreciative to have received robust demand and to close the book on our initial public offering,” explained Jake Heimark, CEO of Plus Products Inc. “I would personally like to thank the many people that worked diligently to help build Plus Products into the company that it is today. “He finished “Our goal is to continue to be a leader in California’s regulated cannabis industry and to add value to our shareholders over the long term.”

Park Yoon Son- Research Analyst- Asia Associates

Related posts

Student Loan Refinancing – What You Should Know Before You Refinance

Grant Shane

Business Suggestions For a Shrinking Economy

Grant Shane

Grab The Top Notch Advantage Of Business Line Of Credit

Grant Shane