EDMONTON, Nov. 2, 2018 /CNW/ – Fire & Flower Inc. ("Fire & Flower"), an independent corporate cannabis retailer, and Cinaport Acquisition Corp. II ("Cinaport"), a capital pool company listed on the TSX Venture Exchange (CPQ: TSX-V), are pleased to announce that Fire & Flower has completed a previously announced private placement resulting in aggregate gross proceeds of C$36,500,001 on November 1, 2018.
GMP Securities L.P. and AltaCorp Capital Inc., on behalf of a syndicate of agents, acted as co-lead agents for the Private Placement, through which Fire & Flower issued 24,333,334 subscription receipts at a price of C$1.50 each.
Fire & Flower will use the net proceeds from the Private Placement for capital expenditures related to the expansion and build-out of its stores in provinces that permit private cannabis retail, for working capital and for general corporate purposes.
"This capital raise is another important step in executing our growth strategy to become the leading private cannabis retailer in Canada," said Trevor Fencott, Fire & Flower's Chief Executive Officer. "With these funds and our key strategic relationships, we look forward to opening more shops in all Canadian provinces that allow for private cannabis retail to join the ones we already operate in Alberta and Saskatchewan."
The Private Placement was completed in connection with the previously announced proposed Qualifying Transaction between Cinaport and Fire & Flower. Further details are available at https://www.newsfilecorp.com/release/38651/Cinaport-Acquisition-Corp.-II-Announces-Proposed-Qualifying-Transaction-with-Fire-Flower-Inc.
Further details and information about this funding announcement are available at https://www.newsfilecorp.com/release/40817/Cinaport-and-Fire-Flower-Announce-Closing-of-36.5-Million-Financing.
About Fire & Flower
Fire & Flower is a leading independent adult-use cannabis retailer poised to capture significant market share in Canadian provinces that allow private retail. The company provides customers with expertly curated product selection and a best-in-class, education-driven customer experience.
Fire & Flower's leadership team combines extensive experience in the legal cannabis industry with deep retail expertise. The company is at the forefront of the new adult-use cannabis industry in Canada.
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