Red White & Bloom gets $50 million; PRFoods completes initial tranche

By Devika Patel

Knoxville, Tenn., Jan. 21 – Tuesday brought two new private placements to market.

Toronto-based MichiCann Medical Inc., doing business as Red White & Bloom, a cannabis company, obtained a $50 million 12% 18-month debt facility, and Tallinn, Estonia’s AS PRFoods, a fish farming and production company, placed €9.11 million of 6.25% five-year notes in the first closing of a private placement.

MichiCann prices

MichiCann, doing business as Red White & Bloom, raised $50 million through a 12% 18-month debt facility with a single investor.

The facility’s tenor may be extended to 30 months.

The proceeds will be used to refinance and/or repay existing debt, for acquisitions and working capital and general corporate purposes.

PRFoods taps market

PRFoods arranged a private placement of €10 million of 6.25% five-year notes.

The notes will be issued in tranches, with the first tranche initially priced to sell up to €8.5 million of notes at a price of 98.95.

In the first tranche, investors subscribed for 109% of the offered notes for €9,263,000, so the company decided to increase the tranche to €9,109,600 and may still increase the entire offering to €11 million.

The notes may also be sold to the public in Estonia.

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