Abacus Health Products Inc. Completes US$12 Million Private Placement of Subscription ReceiptsDecember 20, 2018
Abacus Health Products Inc. completed a private placement of subscription receipts for over US$12 million. The offering was completed in connection with the proposed reverse take-over of Abacus by World Wide Inc., an unlisted reporting issuer that proposes to list on the Canadian Securities Exchange in connection with the transaction.
Abacus is engaged in the development and commercialization of over-the-counter topical pain-relieving products infused with cannabidiol (CBD), a medicinal, non-psychoactive extract of cannabis. Abacus believes it is the first company to commercialize topical pain relief products infused with CBD registered with the U.S. Food and Drug Administration. The products of Abacus are aimed at the rapidly growing market for topical pain relief and are based on proprietary patent-pending technologies developed by Abacus.
Eight Capital acted as lead agent and sole bookrunner with a syndicate that included Haywood Securities Inc., Cormark Securities Inc. and Paradigm Capital Inc. Wildeboer Dellelce LLP acted for the agents in connection with the Offering with a team comprised of Perry Dellelce, Michael Rennie, Amir Torabi, Carlye Bellavia and Jessica Coco (corporate/securities).
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