11:40:52 EDT Sat 20 Apr 2024
Enter Symbol
or Name
USA
CA



Benchmark Botanics Inc
Symbol BBT
Shares Issued 137,947,974
Close 2018-08-27 C$ 0.54
Market Cap C$ 74,491,906
Recent Sedar Documents

Benchmark Botanics arranges $2M private placement

2018-08-28 13:55 ET - News Release

Mr. Ping Zhang reports

BENCHMARK BOTANICS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Benchmark Botanics Inc. intends to complete a non-brokered private placement for aggregate gross proceeds of $2-million with an arm's-length party, which has agreed to subscribe for 2,666,667 units of the company at 75 cents per unit. The subscription price represents a 34-per-cent premium to Benchmark's closing share price on Aug. 20, 2018. Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each warrant shall be exercisable into one share at a price of $1.50 for a period of 24 months from the closing date of the private placement. All of the units, shares and warrants will be subject to a restricted period of four months and one day from the date of closing of the private placement.

The company intends to use the proceeds from the sale of the units for general working capital purposes and the costs of setting up the company's extraction operations. The private placement is subject to acceptance by the Canadian Securities Exchange.

About Benchmark Botanics Inc.

Benchmark is a publicly traded company based out of Vancouver, B.C., positioned to provide financing, partnership opportunities and acquisition offers to licensed producers and ancillary businesses within the global cannabis industry. With the support of its global partners, Benchmark acquired its first subsidiary, Potanicals Green Growers Inc., in November, 2017. Potanicals is an approved licensed producer of cannabis under the ACMPR (Access to Cannabis for Medical Purposes Regulations) that is currently cultivating within a 12,700-square-foot production facility.

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