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BUZZ-Tilray slumps to new lows on $90 mln equity raise

Fri 13th March, 2020 2:19pm
** Tilray  TLRY.O  slumps a fifth to record low of $4.77
after co prices offering
    ** Cannabis maker offers 7.25 mln shares, pre-funded
warrants to buy 11.75 mln common shares, and accompanying
warrants to buy 19 mln shares of common for $90.4 mln gross
raise  urn:newsml:reuters.com:*:nBw3vHdDQa
    ** Public offer price of $4.76 represents 20% discount to
stock's Thurs close
    ** 5-yr warrants are exercisable beginning in 6 months at
$5.95
    ** Co to use net proceeds for general corp purposes
    ** Canaccord sole bookrunner for offering
    ** TLRY has ~104.1 mln total shares outstanding, per
Refinitiv data, and 10.6 mln shares of free float
    ** On Mar 2, co posted wider-than-expected Q4 loss, adding
to sector's woes as profits remain elusive for most pot
producers and capital has been drying up  urn:newsml:reuters.com:*:nL4N2AV4Y0
    ** TLRY had ~$97 mln of cash at end-2019 vs ~$487 mln at
end-2018
    ** Co's stock has lost two-thirds of its value in Mar amid
overall market meltdown
    ** TLRY shares well below their $17 Jul 2018 IPO price

 (Reporting by Lance Tupper)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))
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