Las Vegas-focused recreational cannabis group Friday Night Inc.(CNSX:TGIF) has closed its previously announced private placingm for C$1mln, bringing in a new investor - StoneCastle Investment Management - in the process.
The firm issued C$1mln worth of convertible debenture units at C$1,000 each unit.
Each unit will consist of $1,000 principal amount of 10% unsecured convertible debentures and 4,000 share purchase warrants.
Each warrant will be exercisable to acquire one share for 25 cents for two years.
The company intends to use the net proceeds to expand its growing operations in Las Vegas and for general corporate purposes.
Bruce Campbell, the portfolio manager at StoneCastle Investment Management, said on Monday: "We are excited to be investing in Friday Night Inc.
"The teams in Las Vegas and Vancouver have strong experience in the medical market and are now capitalizing in the fast-growing adult-use market with strong relationships in all verticals.
"We are impressed with their initiatives and partnerships in place already and are confident they will continue to innovate and expand their partnerships in the future."