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Speakeasy Cannabis Club Ltd
Symbol EASY
Shares Issued 121,606,622
Close 2021-02-16 C$ 0.64
Recent Sedar Documents

Speakeasy closes $4.3-million private placement

2021-02-16 23:57 ET - News Release

Mr. Malcolm Davidson reports

SPEAKEASY ANNOUNCES CLOSING OF $4,302,500 MILLION NON-BROKERED PRIVATE PLACEMENT

Speakeasy Cannabis Club Ltd. has closed its previously announced non-brokered private placement.

The company issued a total of 8,605,000 units at a price of 50 cents per unit for aggregate gross proceeds of $4,302,500. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of 70 cents for a period of 36 months from the closing of the offering.

In connection with the closing of the offering, the company paid aggregate finders' fees of approximately $200,550 and issued an aggregate of 401,100 finders' warrants to eligible finders. Each finder's warrant entitles the holder to acquire one common share at a price of 70 cents for a period of 36 months from the closing of the offering.

Speakeasy intends to use the net proceeds from the offering for working capital, general corporate purposes and the completion of its additional indoor grow facilities.

The securities issued by the company under the offering are subject to restrictions on resale in accordance with applicable securities laws. These restrictions will expire on June 17, 2021. The offering is subject to final acceptance by the Canadian Securities Exchange.

Warrant extensions

On March 8, 2019, the company closed a private placement for aggregate gross proceeds of $8.25-million. The March, 2019, private placement consisted of the issuance of 16.5 million units of the company at a price of 50 cents per March, 2019, unit. Each March, 2019, unit consisted of one common share and one common share purchase warrant. Each March, 2019, warrant entitled the holder to acquire an additional common share at a price of $1 for a period of 24 months from closing. In accordance with the policies of the CSE, the company has extended the expiry date of the March, 2019, warrants for an additional 12-month period, such that the new expiry date of the March, 2019, warrants will be March 8, 2022.

On April 24, 2019, and April 25, 2019, the company closed a private placement for aggregate gross proceeds of $7,490,501.20. The April, 2019, private placement consisted of the issuance of 11,523,848 units of the company at a price of 65 cents per April, 2019, unit. Each April, 2019, unit consisted of one common share and one common share purchase warrant. Each April, 2019, warrant entitled the holder to acquire an additional common share at a price of $1 for a period of 24 months from closing. In accordance with the policies of the CSE, the company has extended the expiry date of the April, 2019, warrants for an additional 12-month period, such that the new expiry date of the April, 2019, warrants will be April 25, 2022.

About Speakeasy Cannabis Club Ltd.

Speakeasy holds a cultivation, processing and amended sales licence issued by Health Canada under the Cannabis Act. Speakeasy owns 290 acres of land in Rock Creek, B.C., and leverages five generations of farming experience in British Columbia, as well as its favourable location to grow and process high-quality cannabis products at low cost. Speakeasy cultivates small-batch, high-quality, craft cannabis at scale in its 63,200-square-foot indoor cannabis complex and has completed its first harvest of its 60-acre outdoor field.

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