19:16:17 EST Sat 22 Jan 2022
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Weekend Unlimited Industries Inc (2)
Symbol POT
Shares Issued 11,259,968
Close 2021-02-22 C$ 0.38
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Weekend closes $1.49-million private placement

2021-02-23 02:25 ET - News Release

Mr. Charlie Lamb reports


Weekend Unlimited Industries Inc. has closed a non-brokered private placement of 8,818,001 units at a price of 17 cents per unit, raising gross proceeds of $1,499,060. Each unit consists of one common share and one share purchase warrant, entitling the holder to purchase an additional common share for 23 cents for a period of two years from the issue date. All of the securities issuable in connection with the private placement will be subject to a hold period expiring four months and one day after date of issuance.

Insider participation in the offering was for an aggregate amount of $63,915.95, comprising 376,000 units, representing 4.26 per cent of the offering. Such participation is considered a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The related-party transaction is exempt from minority approval and valuation requirements pursuant to the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued under the offering, nor the consideration to be paid by the insiders exceeds 25 per cent of the company's market capitalization.

In connection with the closing of the private placement, the company paid finders' fees of $50,728 in cash and issued 298,400 finders' warrants. The finders' warrants hold the same terms of the warrants issued as part of the units.

About Weekend Unlimited Industries Inc.

Weekend Unlimited is a lifestyle-based recreational and medicinal cannabis and cannabidiol wellness company. It is developing and launching premium cannabis and CBD brands to deliver life's highs -- any time, anywhere. Its CBD products are available on-line and at a retailer near you. Weekend Unlimited is well positioned to launch and scale the brands that will define cannabis and CBD.

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