GreenSpace Brands Inc. is pleased to announce that it has closed a second and final tranche of its previously announced private placement, issuing 863,952 units at a price of $1.05 per Unit for aggregate gross proceeds of approximately $907,150. This results in total gross proceeds raised under the Private Placement of $1,968,126.
Each Unit consists of one common share of GreenSpace (a “Common Share”) and one quarter warrant. Each Warrant entitles the holder to purchase one Common Share at a price of $1.20 for a period of 24 months from issuance.
The proceeds of the Second Tranche will be used to repay debt acquired as part of the acquisition of Love Child (Brands) Inc. and for general working capital purposes. All securities issued pursuant to the Second Tranche are subject to a hold period of four months and one day in accordance with applicable Canadian securities laws. Finders fees of up to 9%, payable in cash and warrants, were payable on certain of the subscriptions received. A total of 27,800 warrants became issuable to finders in conjunction with both tranches of the Private Placement, such warrants having the same terms and conditions as the Warrants. The Private Placement is subject to the final approval of the TSX Venture Exchange.
