Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters and pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 16,150,000 common shares in the capital of the Company at a price of C$8.05 per Share for aggregate gross proceeds to the Company of C$130,007,500.
The closing of the Offering is expected to occur on or about January 13, 2021 (the "Closing Date") and is subject to the completion of formal documentation and receipt of all regulatory approvals, including the approval of the Canadian Securities Exchange and the Aequitas NEO Exchange.
The net proceeds from the Offering will be used for working capital and general corporate purposes.
The Company has granted the Underwriters an option (the "Over-Allotment Option"), exercisable, in whole or in part, by the Underwriters, giving notice to the Company at any time and from time to time up to 30 days following the Closing Date, to purchase, or to find substituted purchasers for, up to an additional number of Shares equal to 15% of the number of Shares sold pursuant to the Offering at the Offering Price per Share to cover over-allotments, if any, and for market stabilization purposes.
The Shares will be offered in each of the Provinces and Territories of Canada, other than Québec pursuant to a prospectus supplement to the Company's base shelf prospectus dated September 2, 2020 (the "Prospectus") and in the United States and to or for the account or benefit of "U.S. persons" (as defined in the United States Securities Act of 1933, as amended) (the "U.S. Securities Act"), on a private placement basis to "qualified institutional buyers" pursuant to an exemption from the registration requirements of the "U.S. Securities Act".
About Columbia Care
Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult use cannabis products and related services with licenses in 18 US jurisdictions and the EU. Columbia Care currently operates 108 facilities1 including 81 dispensaries and 27 cultivation and manufacturing facilities. Columbia Care is one of the original providers of medical cannabis in the United States, and continues to deliver an industry-leading, patient-centered medicinal cannabis operation that has quickly expanded into the adult use market as a premier operator. The company currently offers products spanning flower, edibles, oils, and tablets, and manufactures popular brands including Seed & Strain, Amber and Platinum Label CBD. With more than four million sales transactions since its inception in 2012, Columbia Care is known for setting the standard for compassion, professionalism, quality, care, and innovation in the rapidly expanding cannabis industry. For more information on Columbia Care, please visit www.col-care.com.
