Panaxia Raises Over $6M In Capital For European Expansion

April 3, 2020 |Benzinga

Medical cannabis producer Panaxia Labs Israel Ltd. (TASE:PNAX) has finalized a 17 million ILS ($4.67 million) private placement of common stock and warrants to Israeli institutional investors.

The Israeli company issued 6.32 million common shares at a price of 2.69 ILS per share, and warrants to buy extra 5.06 million shares at a price of 4.00 ILS per share. Furthermore, Panaxia controlling shareholders and investors provided it with the option for an extra investment of a minimum of 6 million ILS.

This offering led to the raising of 23 million ILS ($6.3 million) in total gross proceeds, which the company plans to utilize to support its strategic projects, such as the marketing, export and sales in Europe.

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