/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Feb. 26, 2021 /CNW/ - VIVO Cannabis
Inc. (TSX: VIVO) ("VIVO" or the "Company") announced
today the closing of its previously announced overnight marketed
public offering (the "Offering") of 38,333,334 units of the
Company (each, a "Unit" and, collectively, the
"Units") for aggregate gross proceeds of approximately
$8 million, including the full
exercise of the over-allotment option granted to the underwriters
in connection with the Offering.
Each Unit was sold for $0.21 and
was comprised of one common share of the Company (each, a
"Common Share") and one half of one Common Share purchase
warrant of the Company (each whole Common Share purchase warrant, a
"Warrant"). Each Warrant will be exercisable to acquire one
Common Share (a "Warrant Share") until February 26, 2024 at an exercise price of
$0.26 per Warrant Share, subject to
adjustment in certain events.
The Company expects the Warrants to commence trading on the
Toronto Stock Exchange today under the symbol VIVO.WT.
The Offering was conducted by a syndicate of underwriters led by
ATB Capital Markets Inc., as lead underwriter and sole bookrunner,
and including Clarus Securities Inc., Echelon Wealth Partners and
Eight Capital.
VIVO intends to use the net proceeds of the Offering to (i)
drive sales growth and for corresponding working capital
requirements; (ii) drive sales through an expanded product
offering; (iii) identify and pursue strategic opportunities to
scale its Canadian footprint and (iv) fund international
growth.
The Units were offered in each of the provinces of Canada, except Quebec, pursuant to a prospectus supplement
dated February 23, 2021 to the
Company's short form base shelf prospectus dated October 2, 2020, and elsewhere on a private
placement basis.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The
securities offered have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws. Accordingly,
the Units may not be offered or sold to, or for the account or
benefit of, persons in the United
States or "U.S. persons" (as such term is defined in
Regulation S under the U.S. Securities Act) absent registration or
an applicable exemption from registration requirements. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities
in any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such province, state
or jurisdiction.
About VIVO Cannabis™
VIVO Cannabis™ is recognized for trusted, premium cannabis
products and services. It holds production and sales licences from
Health Canada and operates world-class indoor and seasonal airhouse
cultivation facilities with proprietary plant-growing technology in
Hope, British Columbia and
Napanee, Ontario. VIVO has a
collection of premium brands, each targeting different customer
segments, including Canna Farms™, Beacon Medical™, Fireside™,
Fireside-X™, Lumina™ and Canadian Bud
Collection™. The Company is expanding its production
capabilities and distribution network. Harvest Medicine, VIVO's
patient-centric, scalable network of medical cannabis clinics, has
serviced over 100,000 patient visits. VIVO is pursuing several
partnership and product development opportunities and is focusing
its international efforts on Germany and Australia. For more information visit:
www.vivocannabis.com
Disclaimer for Forward-Looking Information:
All dollar amounts in this news release are in Canadian
dollars. Certain statements in this news release are
forward-looking statements, which are statements that are not
purely historical, including statements regarding the beliefs,
plans, expectations or intentions of VIVO and its management
regarding the future. Forward-looking statements in this news
release include statements regarding the proposed use of the net
proceeds from the Offering and the listing of the Warrants on the
Toronto Stock Exchange. Such statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
forward-looking statements. No assurance can be given that any of
the events anticipated by the forward-looking statements will occur
or, if they do occur, what benefits the Company will obtain from
them. Readers are urged to consider these factors, and the more
extensive risk factors included in the Company's management's
discussion and analysis for the three months ended September 30, 2020, which is available on SEDAR,
carefully in evaluating the forward-looking statements contained in
this news release, and are cautioned not to place undue reliance on
such forward-looking statements, which are qualified in their
entirety by these cautionary statements. The forward-looking
statements in this news release are made as of the date hereof and
the Company disclaims any intent or obligation to update publicly
any such forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE VIVO Cannabis Inc.