11:09 AM EDT, 04/02/2024 (MT Newswires) -- Organigram Holdings ( OGI ) said Tuesday that it has raised gross proceeds of about C$28.8 million by completing its underwritten public offering of share units.

The offering comprised about 8.9 million units at C$3.23 apiece, which included about 1.2 million units sold under the exercise in full of the underwriters' over-allotment option.

Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant is exercisable to buy one common share for four years following the closing date of the offering at an exercise price of C$3.65 per warrant share.

The cannabis producer expects to use the net proceeds to fund growth initiatives and for general corporate purposes.

The company's shares were last seen up C$0.05 to C$2.83 on the Toronto Stock Exchange.

Price: 2.83, Change: +0.05, Percent Change: +1.80