Asterion Cannabis Inc said Thursday it is raising C$10 million to fund the construction of its state-of-the-art cultivation compound in Australia.
The Toowoomba facility in southeast Queensland will feature around 40 hectares of purpose-built greenhouses to produce high-quality, organic medicinal cannabis.
The scheme was awarded Major Project Status by the Australian federal government last year.
Under the terms of the financing, Vancouver-based Asterion is offering nearly 6.7 million units at C$1.50 per unit for gross proceeds of up to C$10 million.
Each unit consists of one share and one-half of one warrant, with each whole warrant exercisable at C$2 for a 24-month period.
Asterion Cannabis is currently a privately owned medicinal-cannabis producer focused on producing the highest quality of genetically uniform cannabis strains, at an affordable price.
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