Benzinga | Jul 28, 2021 12:19PM EDT

The Flowr Corporation Secures Over Half A Million Via Offering Of Units To Partially Repay Its Debt

The Flowr Corporation (TSXV:FLWR) (OTC:FLWPF) has secured roughly $550,000 in financing through a non-brokered private placement offering of its 2,619,047 units at 21 cents per unit.

Based in Toronto, the company said Tuesday it has closed its previously announced transaction.

Under the offering, each unit consists of one company common share and one common share purchase warrant, which allows the holder to acquire one common share at 26 cents per warrant share over the next four years.

The company said it would utilize the net proceeds to partially repay its outstanding indebtedness and for general corporate and working capital purposes.

The licensed Canadian producer recently struck a three-year deal with Israel-based multi-country operator IM Cannabis (CSE:IMCC) (NASDAQ:IMCC) and agreed to provide its ultra-premium cannabis strains to IM Cannabis for distribution and sale in Israel under the IMC brand.

The initial shipment of FLOWR strains is expected to reach Israeli patients during the second half of 2021 and will be distributed through licensed pharmacies, including IM Cannabis' online pharmacy and distribution network that it purchased recently from Panaxia, IM Cannabis disclosed.

Price Action

Flowr's shares traded 0.07% higher at 15 cents per share at the time of writing.

Photo: Courtesy of Michael Longmire on Unsplash