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Apr 7, 2021

On April 7, 2021, PharmaCielo Ltd. (“PharmaCielo”) (TSVX:PCLO) completed its previously announced overnight marketed offering of common shares from the treasury of the company, for gross proceeds of $13.5 million conducted through a syndicate of agents led by Cormark Securities Inc. and including Stifel GMP.

PharmaCielo is a global company, headquartered in Canada, with a focus on ethical and sustainable processing and supplying of all-natural, medicinal-grade cannabis oil extracts and related products to large channel distributors. PharmaCielo’s principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., headquartered at its cultivation and processing centre located in Rionegro, Colombia.

Each Common Share was issued at a price of $2.15. The Company intends to use the net proceeds from the Offering for growth initiatives and for general working capital purposes. In satisfaction of a condition of the Offering, senior management and directors of the board of the Company have entered into a lock-up agreement for a period of 120 days from the date of closing prohibiting their disposition of securities of the Company subject to certain exceptions.

McMillan acted for PharmaCielo in connection with this transaction. Georges Dubé led the team, which included Alex Bruvels and Troy Hilson.

As a national business law firm with exceptional capabilities to lead businesses through cross-border transactions and investments into Canada and within multifaceted regulatory regimes, McMillan provides real-time business solutions to our clients. Our Capital Markets & Securities Group is skilled at structuring and closing complex deals of all shapes and sizes in Canada, the US and internationally and in providing innovative transactional advice and solutions. Our understanding of business imperatives and our relationships with the regulators helps our clients stay ahead.