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BUZZ-Hexo tumbles on $20 mln stock offering

Fri 17th January, 2020 2:53pm
** U.S.-listed shares of Canadian pot producer Hexo Corp
 HEXO.N   HEXO.TO  down 7% to $1.66 after co raises equity
    ** Shares fall as much as 11.8% to $1.57
    ** Co sells ~11.97 mln shares at $1.67 to institutional
investors for $20 mln gross raise  urn:newsml:reuters.com:*:nGNXVyDDN
    ** Also issues to the investors warrants to buy ~6 mln
shares; 5-yr warrants have exercise price of $2.45
    ** Hexo to use net proceeds for working capital and other
general corp purposes, including funding R&D
    ** Co has 257.2 mln shares outstanding and 240.7 mln shares
of free float, per Refinitiv data
    ** With Fri move, U.S.-listed shares have fallen ~70% since
their Jan 2019 debut

 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))
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