Cannabis extraction company Neptune Wellness Solutions Inc. /zigman2/quotes/207537677/composite NEPT +0.35% /zigman2/quotes/203840062/delayed CA:NEPT -3.32% said Thursday it has raised $41 million in a private placement with existing and new investors led by Perceptive Advisors. The company issued a total of 9.4 million shares, priced at $4.40 each. Proceeds of the deal will be used to fund the initial payment for the acquisition of SugarLeaf Labs and Forest Remedies LLC, as well as for general corporate purposes. The SugarLeaf deal is expected to close on or before July 31. Cowen was lead and sole U.S. placement agent on the deal with GMP Securities acting as Canadian placement agent. Neptune named Michael Cammarata at its new CEO in early July, replacing Jim Hamilton who stepped down after more than four years in the role. Cammarata was co-founder of wellness brand Schmidt's Natural, now part of Unilever Plc /zigman2/quotes/204685760/composite UL +0.80% . Neptune shares were not active premarket, but have gained 93% in 2019, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.21% has gained 19%.
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