12:23 PM EDT, 06/27/2024 (MT Newswires) -- 4Front Ventures ( FFNTF ) said late on Wednesday that it is seeking $5 million in a best efforts offering of share units.

The cannabis company said it will look place 47.62-million units in the financing, with each priced at $0.105 and made up of a share and a five-year warrant to buy a second share for $0.13.

4Front plans to use the proceeds to buy equipment, inventory, cultivation inputs and additional retail licenses, and to complete the buildout of its new retail locations. Closing is expected July 10.

4Front's shares were last seen down $0.01 to $0.115 on the Canadian Securities Exchange.

Price: 0.12, Change: -0.01, Percent Change: -8.00