|From: NetworkNewsWire (Rep: 0)||Date: 02/07/2019 16:34|
|Forum: Penny Stocks - Msg #2746 - List RIV msgs ||Thread #674062337 (Rec: 0) |
|NetworkNewsBreaks – Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF) to Receive $30M in Additional Capital from Canopy Growth Corp. (TSX: WEED) (NYSE: CGC)|
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) this morning announced that it intends to increase its total investment in cannabis-focused investment and operating firm Canopy Rivers (TSX.V: RIV) (OTC: CNPOF) by CAD $30 million. The investment will be made through a private placement of subordinated voting shares in the capital of Canopy Rivers concurrent with Canopy Rivers’ bought deal offering of subordinate voting shares for gross proceeds of approximately $55 million. Upon closing of the investment, which is expected to occur on or about February 27, 2019, Canopy Growth’s ownership of issued and outstanding shares of Canopy Rivers will increase on a non-diluted basis from approximately 26.5% to approximately 27.3%. “The strength of the Canopy Rivers team, coupled with their selective approach to business development and execution of strategic investments, creates value for shareholders and for Canopy Growth,” Canopy Growth Founder and Co-CEO Bruce Linton stated in the news release. “By increasing Canopy Growth’s investment in Canopy Rivers, we are demonstrating our interest in growing great companies, developing selective opportunities and delivering Canopy’s shareholders more growth.”
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