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Cannimed Therapeutics Inc. (OTCMKTS:CMMDF) Updates On Corporate Financing Activities In Q1 2017

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Cannimed Therapeutics Inc. (OTCMKTS:CMMDF) reported that in the last quarter, it closed an IPO and later in January, the underwriters’ overallotment option was exercised, leading in total gross proceeds of $69 million to the firm. A total of 5.75 million common shares were issued at $12 per share, pursuant to the Initial Public Offering and the exercise of the overallotment option. Common shares of company commenced trading on the TSE on December 29, 2016 under the symbol CMED.

The highlights

During the last December and this January, the holders of around $11 million of convertible debentures exercised their conversion rights, leading in the issuance of about 2.057 million common shares of CanniMed. Following non-conversion, debentures of $0.2 million remain with a term of 5 years and interest rate of 12%.

As per the firm’s facility deal with its lender, renewal of Cannimed’s Capital Loan, USD Loan and Property Loan was planned for November 2017. Earlier in January, the firm’s lender extended the planned renewal date of the facility deal to November 2018.

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Talking on Non-IFRS Financial Processes and Reconciliations, the company reported that it uses non-IFRS financial processes as supplemental indicators of financial position and operating performance. These measures are utilized internally by the firm for comparing actual report from one period to another.

Cannimed considers that, besides conventional measures prepared as per IFRS, certain shareholders use this data to assess the firm’s ability and performance to generate cash flow. Accordingly, such data is planned to offer additional information and should not be studied in isolation or as a substitute for actions of performance defined in accordance with IFRS.

In the last trading session, the stock price of Cannimed declined more than 7% to close the day at $7.12. The decline came at a share volume of 23,122 compared to average share volume of 2,318.

Pushing the barriers for global distribution, Phoenix Life Science International (PLSI) is the next cannabis play. Just think Canopy x 100, that is how big their plantation in the tropics will be. No lights, no green houses, just maximum growth + minimal cost = home run. Learn More Now!

   

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