U.S. hedge fund leads Neptune's $54 mln private placement
Neptune Wellness Solutions Inc (TSX, Nasdaq: NEPT), a Laval, Québec-based cannabis extraction business, has completed a private placement, generating about $54.1 million (US$41.4 million) in proceeds. The offering was led by U.S. life sciences hedge fund manager Perceptive Advisors, the company's largest shareholder. A portion of the proceeds will be used to help fund Neptune's acquisition of the assets of SugarLeaf Labs LLC and Forest Remedies LLC, together a Conover, North Carolina-based hemp company. The US$18 million deal is expected to close this month. Neptune specializes in the extraction, purification and formulation of cannabis products.
22 July 2019•4 mins read
