Indus Holdings, Inc. Completes C$34.5 Million Underwritten Public Offering

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

SALINAS, Calif., Dec. 21, 2020 (GLOBE NEWSWIRE) -- Indus Holdings, Inc. (“Indus” or the “Company”) (CSE:INDS; OTCQX:INDXF), a leading, vertically-integrated, California-focused cannabis company announces the closing of its previously announced underwritten public offering (the “Offering”) of units of the Company (the “Units”). The Offering was conducted by a syndicate of underwriters co-led by Canaccord Genuity Corp. and Beacon Securities Limited, and including PI Financial Corp. (collectively, the “Underwriters”) and consisted of the sale of 23,000,000 Units (including the full exercise of the over-allotment option by the Underwriters) at a price of C$1.50 per Unit (the “Offering Price”) for aggregate gross proceeds of C$34,500,000,

Each Unit is comprised of one subordinate voting share of the Company (a “Share”) and one-half of one Share purchase warrant of the Company (each full Share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one subordinate voting share of the Company (a “Warrant Share”) until December 21, 2023 at an exercise price of C$2.20 per Warrant Share, subject to adjustment in certain circumstances. The Company has received approval from the Canadian Securities Exchange (“CSE”) to list the Warrants issued pursuant to the Offering, and the Warrants are expected to be listed and posted for trading on the CSE under the symbol “INDS.WT” on or about December 21, 2020, subject to the Company satisfying the remaining requirements of the CSE.

The Company intends to use the net proceeds from the Offering for the development of an additional cultivation and production facility and working capital and other general corporate purposes, as further described in the prospectus supplement (the “Prospectus Supplement”) dated December 16, 2020 to the final base shelf prospectus (the “Base Prospectus”) of the Company dated December 11, 2020.

The securities issued pursuant to the Offering were qualified for distribution pursuant to the Prospectus Supplement and the Base Shelf Prospectus, filed in each of the provinces of Canada, except Québec, and offered and sold outside Canada to qualified investors in accordance with applicable law. The Prospectus Supplement, Base Shelf Prospectus, and the documents incorporated by reference therein, are available on the Company’s issuer profile on SEDAR at www.sedar.com.