GreenSpace Closes Private Placement

0
1014

 

GreenSpace Brands Inc. is pleased to announce that it has closed its previously announced private placement financing of 49,285,714 units (the “Units“) of the Company at a price of $0.07 per unit (the “Offering Price“) for gross proceeds of $3,449,999.98 (the “Offering“). This includes the exercise by the Agents of their over-allotment option.  The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

Each Unit consists of one common share in the capital of the Company (“Common Share“) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant will entitle the holder of the Warrant to purchase one Common Share for $0.10 (the “Exercise Price“) for up to 24 months from the date of issuance thereof (the “Expiry Date“), provided that if at any time between the date that is four months and one day from the date of issuance thereof and the Expiry Date, the daily volume-weighted average price of the Common Shares on the TSX Venture Exchange is greater than $0.20 for ten consecutive trading days, then the Company shall have the option to accelerate the expiry of the Warrants by delivering notice to holders of the Warrants (the “Acceleration Notice“). In such instance, the Warrants will be exercisable only until the 30th day following the delivery of the Acceleration Notice.

The Offering was made through a syndicate of agents led by Canaccord Genuity Corp. and including PI Financial Corp. and Richardson Wealth Limited (collectively, the “Agents“). In connection with the Offering, the Agents received, as compensation: (i) cash commission of $217,500; and (ii) non-transferrable broker warrants exercisable at $0.07 per Common Share until the day that is 18 months from the closing date to acquire an aggregate of 3,107,143 Common Shares.

All securities issued or issuable under the Offering will be subject to a statutory hold period of four months plus one day from the closing date in accordance with applicable securities legislation

LEAVE A REPLY

Please enter your comment!
Please enter your name here