14:03:52 EDT Sat 18 May 2024
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West Island to close $200,000 private placement

2024-04-22 15:57 ET - News Release

Mr. Boris Ziger reports

WEST ISLAND PARTIAL REVOCATION OF FFCTO

West Island Brands Inc. intends to close a non-brokered private placement financing of up to 2,051,282 units at a price of 9.75 cents per unit for gross proceeds of up to $200,000.

Each such unit shall compose one common share in the capital of the company and one common share purchase warrant, and each such warrant shall be exercisable into a common share at an exercise price of 13 cents for a period of two years.

The net proceeds for the financing will be used, among other things, to resolve any outstanding fees, prepare audited financial statements and pay all other costs associated with applying for a full revocation of the failure-to-file cease trade order (FFCTO) which was imposed upon the company by the Ontario Securities Commission on May 5, 2023, for failure to file certain documents which included (i) the audited annual financial statements for the year ended Dec. 31, 2022; (ii) the accompanying management discussion and analysis relating to the audited annual financial statements for year ended Dec. 31, 2022; and (iii) certification in respect of the audited annual financial statements for year ended Dec. 31, 2022, as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.

All securities issued under the financing will be subject to a hold period of four months and one day from the date of issuance.

About West Island Brands Inc.

West Island is a multifaceted, innovative company in the Quebec cannabis space. Its subsidiary, RoyalMax Biotechnology Canada Inc., doing business as West Island Culture, is a Montreal, Que.-based cannabis company. A Health Canada licence holder, West Island has standard cultivation licence, standard processing, medical sales and sales licences.

We seek Safe Harbor.

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