Ayr Strategies Inc. (CSE: AYR.A) (OTCQX: AYRWF) (“Ayr” or the “Company“), a leading vertically integrated cannabis multi-state operator, announced today the pricing of its previously announced overnight marketed offering (the “Offering“) of an aggregate of 4,000,000 subordinate voting shares, restricted voting shares or limited voting shares (the “Offered Securities“) at a price of C$34.25 per share for total gross proceeds of approximately C$137,000,000.
The Offered Securities will be offered in each of the Provinces of Canada, other than Québec, pursuant to a prospectus supplement to the Company’s base shelf prospectus dated December 17, 2020 (the “Prospectus“) and in the United States on a private placement basis to “qualified institutional buyers” pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act“).
The Offering is expected to close on or about January 14, 2021 and will be subject to customary conditions, including requirements of the Canadian Securities Exchange.
In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 15% of the Offered Securities pursuant to the proposed Offering on the same terms and conditions.
The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.
Canaccord Genuity Corp. is acting as the lead underwriter for the Offering.
Copies of the Prospectus, following filing thereof, may be obtained on SEDAR at www.sedar.com and from Canaccord Genuity Corp., 161 Bay Street, Suite 3000, Toronto, ON M5J 2S1. The Prospectus contains important detailed information about the Company and the proposed Offering. Prospective investors should read the Prospectus and the other documents the Company has filed on SEDAR at www.sedar.com before making an investment decision.
No securities regulatory authority has either approved or disapproved of the contents of this news release. None of the subordinate voting shares, restricted voting shares or limited voting shares have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, the Offered Securities may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
