An anonymous director reports
TARGET CAPITAL INC. ANNOUNCES COMPLETION OF RIGHTS OFFERING
Target Capital Inc., doing business as CBi2 Capital, has completed its previously announced rights offering to holders of common shares of CBi2. Under the rights offering, shareholders subscribed for and purchased an aggregate of 10,437,715 units, of which an aggregate of 1,524,999 units were purchased by insiders of the corporation, at a price of six cents per unit, resulting in gross proceeds to the corporation of $626,265. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder thereof to purchase one common share at a price of 10 cents until June 27, 2023.
The corporation intends to use the proceeds of the rights offering to execute on the corporation's cannabis-focused investment strategy.
Following the completion of the rights offering, the corporation has 106,006,254 common shares and 59,918,880 warrants outstanding.
About Target Capital Inc.
Target Capital, to be renamed CBi2 Capital Corp., based in Calgary, Alta., is a company engaged in making strategic investments in private companies, including small start-up operations and land development corporations. CBi2 is executing on a cannabis-focused investment strategy, where it intends to develop and manage a diversified portfolio of predominantly early-stage cannabis investment opportunities. CBi2 will explore and invest in a number of strategic investment opportunities in the medical and recreational cannabis industry and in businesses offering ancillary supportive products and services. Upon receipt of shareholder approval, the corporation will change its name to CBi2 Capital Corp.
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