Proceeds fund acquisition of Love Child (Brands) and working capital
By Devika Patel
Knoxville, Tenn., Nov. 19 – GreenSpace Brands Inc. said it raised C$907,150 in the second and final tranche of a C$1.97 million non-brokered private placement of units. The deal was announced as a C$2 million offering on Oct. 7 and raised C$1.06 million on Oct. 19.
The company sold 1,874,408 units of one common share and a quarter-share warrant at C$1.05 per unit. It sold 1,010,456 units in the first tranche and 863,952 units in the second.
Each whole warrant is exercisable at C$1.20 for two years. The strike price reflects a 10.09% premium to the closing share price of C$1.09 on Oct. 6.
Proceeds from the first tranche were used to acquire Love Child (Brands) Inc. for about C$6 million. Proceeds will also be used for general working capital purposes. The acquisition settled on Oct. 19.
The Toronto company develops and sells natural food products.
| Issuer: | GreenSpace Brands Inc.
|
| Issue: | Units of one common share and a quarter-share warrant
|
| Amount: | C$1,968,128
|
| Units: | 1,874,408
|
| Price: | C$1.05
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.20
|
| Agent: | Non-brokered
|
| Announcement date: | Oct. 7
|
| Settlement dates: | Oct. 19 (for C$1,060,979), Nov. 19 (for C$907,150)
|
| Stock symbol: | TSX Venture: JTR
|
| Stock price: | C$1.09 at close Oct. 6
|
| Market capitalization: | C$20.38 million
|
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