Company sold 51.32 million units at C$0.10 each in non-brokered deal
By Devika Patel
Knoxville, Tenn., Sept. 15 – Global Gardens Group Inc. said it settled a C$1.12 million third and final tranche of a C$7.56 million non-brokered private placement of units. The deal raised C$5.13 million on Aug. 5 and C$1.31 million on Aug. 26.
The company sold 75.58 million units of one common share and one half-share warrant at C$0.10 per unit. It sold 51.32 million units in the initial tranche, 13.05 million units in the second and 11.21 million units in the third tranche.
Each whole warrant is exercisable at C$0.50 until Aug. 4, 2018. The strike price reflects a 47.06% premium to the Aug. 4 closing share price of C$0.17.
Proceeds will be used to market and sell the Veggemo shelf-stable product line in the United States, to add the refrigerated product line in Canada and for general working capital purposes.
The Richmond, B.C., company develops, produces and markets non-dairy food and beverage products.
Issuer: | Global Gardens Group Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$7,558,000
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Units: | 75.58 million
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Price: | C$0.10
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Aug. 4, 2018
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Warrant strike price: | C$0.25
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Agent: | Non-brokered
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Settlement date: | Aug. 5 (for C$5,132,000), Aug. 26 (for C$1,305,000), Sept. 15 (for C$1,121,000)
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Stock symbol: | CSE: VGM
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Stock price: | C$0.17 at close Aug. 4
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