16:13:25 EDT Thu 16 May 2024
Enter Symbol
or Name
USA
CA



Herbal Dispatch Inc
Symbol HERB
Shares Issued 736,279,091
Close 2023-05-24 C$ 0.01
Market Cap C$ 7,362,791
Recent Sedar Documents

Herbal Dispatch arranges $1M private placement

2023-05-25 14:24 ET - News Release

Mr. Philip Campbell reports

HERBAL DISPATCH ANNOUNCES EQUITY PRIVATE PLACEMENT

Herbal Dispatch Inc. intends to complete a non-brokered private placement of approximately 100 million units of the company at a price of one cent per unit for gross proceeds of $1-million. Each Unit shall consist of one common share and one common share warrant (a " Warrant ") with each Warrant exercisable for one common share at a price of $0.05 per share for a period of 24 months after the closing date. The Private Placement shall be completed on a best-efforts basis from eligible purchasers that shall be restricted to accredited investors or other investors meeting exemption requirements for a non-brokered private placement.

The Company continues to experience significant revenue growth on a month-to-month basis in 2023.

In the first quarter of 2023, the Company achieved gross sales of almost $400,000, representing over 60% growth from the previous quarter ended December 31, 2022. Monthly run rate gross revenue has gone from less than $100,000 in January 2023 to approximately $300,000 in April and an estimated $400,000 in May 2023. The Company also now has over 1,500 active customers on its medical sales platforms.

The Company expects that strong repeat orders and new customer growth will continue to drive strong month-over-month sales growth throughout the remainder of the year. In addition, the Company is seeing strong inbound interest on export sales that are expected to convert to revenue starting later in the second quarter.

Proceeds from the Private Placement will be used for working capital in support of the Company's significant growth. Should the Private Placement be oversubscribed, the Company reserves the right to accept additional funds, subject to the approval of the Canadian Securities Exchange (" CSE ").

The closing of the Private Placement is expected to occur before June 30, 2023 and is subject to receipt of all necessary regulatory approvals, including the approval of the CSE. All securities issued pursuant to the Private Placement will be subject to a four month hold period in accordance with applicable Canadian securities laws.

ABOUT HERBAL DISPATCH INC.

The Company owns and operates leading cannabis e-commerce platforms and is dedicated to providing top quality cannabis to informed consumers at affordable pricing. The Company's flagship cannabis marketplace, herbaldispatch.com , is a trusted source for exclusive access to small-batch craft cannabis flower and a wide-array of other product formats. The Company's common shares trade on the Canadian Securities Exchange under the symbol "HERB"

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.