Ms. Nisha Grewal reports
AMBARI ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UNITS
Ambari Brands Inc. has arranged a non-brokered private placement of up to an aggregate of 3.75 million units of the company at a price of 40 cents per unit for aggregate gross proceeds of up to $1.5-million. Each unit will be composed of one common share of the company and one-half of one common share purchase warrant, each such warrant entitling the holder to acquire one additional common share for a period of one year from the date of issuance at an exercise price of 50 cents per common share. The company reserved the price for the offering by filing a price reservation form with the Canadian Securities Exchange on July 5, 2023.
The net proceeds from the offering are expected to be used for general working capital.
All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day from issuance in accordance with applicable securities legislation.
About Ambari Brands Inc.
Ambari is a company committed to transforming the beauty industry through its artificial intelligence technology, Scarlett, and products lines that are carried in the world's largest retailers.
We seek Safe Harbor.
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