Mr. Andrew Wnek reports
BELEAVE INC. ANNOUNCES $5 MILLION NON-BROKERED PRIVATE PLACEMENT OF UNITS
Beleave Inc. intends to complete a non-brokered private placement of up to 2.5 million units of the company at a price of $2 per unit for gross proceeds of approximately $5-million. The company has already received sufficient interest from individuals to complete the $5-million financing. The company may, at its sole discretion, increase the size of the non-brokered offering.
Each unit comprises one common share of the company and one-half common share purchase warrant of the company at a price of $2 per unit. Each warrant entitles the holder thereof to purchase one common share of the company at an exercise price of $2.75 for a period of 24 months from the date of issuance of the warrant, subject to accelerated expiry in the event that the 10-day volume weighted average price of the common shares on the Canadian Securities Exchange or other exchange or quotation system where the company's shares are listed and where a majority of the trading volume of the common shares occurs, equals or exceeds $3. Subject to customary closing conditions, including CSE approval, the non-brokered offering is expected to have multiple tranches, with the first tranche closing on or about June 11, 2018.
"We believe deeply in the quality of our innovations," said Beleave chief executive officer Andrew Wnek. "We are focusing our investments in areas where we will have a direct impact for the good of our patients and shareholders alike. We thank our investors for their continued support. The capital will be used for G&A purposes and be available as we continue to evaluate a multitude of industry opportunities."
This press release has been reviewed by the Beleave director and chief financial officer Bojan Krasic.
Beleave is a biotech company and Beleave's wholly owned subsidiary, Beleave Kannabis Corp. (formerly First Access Medical Inc.), is a licensed producer pursuant to the ACMPR (Access to Cannabis for Medical Purposes Regulations).
We seek Safe Harbor.
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