Zenabis Announces Completion of Over-Subscribed Rights Offering

Zenabis Global Inc. (TSX:ZENA) (“Zenabis” or the “Company“) is pleased to announce that it has closed its previously announced rights offering (the “Rights Offering“), which expired at 5:00 p.m. (EST) on November 27, 2019. The Rights Offering was over-subscribed and will result in the issuance of the maximum of 139,086,624 common shares of the Company (“Common Shares“) at a price of $0.15 per Common Share for gross proceeds of approximately $20.8 million.

Zenabis is working with its transfer agent to calculate the amounts exercised under the basic subscription privilege and the additional subscription privilege in connection with the Rights Offering and will provide further details, including information required by National Instrument 45-106 – Prospectus Exemptions, once available.

“Zenabis is grateful for the support shown by its shareholders in this over-subscribed rights offering by both the public market and insiders,” said Andrew Grieve, Chief Executive Officer of Zenabis. “To see an over-subscribed rights offering is a strong vote of confidence from the market.”