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James E Wagner Cultivation Corp
Symbol JWCA
Shares Issued 97,265,817
Close 2019-12-20 C$ 0.26
Recent Sedar Documents

James E. closes $994,199 first tranche of offering

2019-12-20 09:05 ET - News Release

Mr. Nathan Woodworth reports

JAMES E. WAGNER CULTIVATION ANNOUNCES INITIAL CLOSING OF ITS UP TO $7,500,000 PRIVATE PLACEMENT

James E. Wagner Cultivation Corp. has completed the initial close of its non-brokered private placement whereby the corporation has issued 4,734,284 units of the corporation for gross proceeds of $994,199.64.

The initial closing is part of a larger offering being conducted by the corporation for up to 35,714,285 units at a purchase price of 21 cents per unit to raise gross proceeds of up to $7.5-million. Each unit comprises one common share of the corporation and one-half of one common share purchase warrant. Each warrant will be exercisable to purchase one common share at an exercise price of 27.5 cents per share for a period of three years following the date of issuance. The securities underlying the units will all be subject to a four-month statutory hold period commencing on the date of issuance.

Certain directors, officers and other insiders of the corporation participated in the initial closing for a total of $239,999.76 worth of units. Participation by those persons constitutes a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuance of units to the related parties is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and exempt from the minority shareholder approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.

The corporation intends to use the proceeds of the offering for corporate and general working capital purposes, and to further develop the corporation's second facility located at 530 Manitou Dr., Kitchener, Ont.

The offering is scheduled to close in tranches, with the final closing expected to take place on or about Jan. 10, 2020. Closing of each tranche of the offering is subject to customary closing conditions, including, without limitation, receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange.

Nathan Woodworth, president and chief executive officer of James E. Wagner, said: "The current financing will allow us to strengthen our balance sheet at a critical point in the history of our industry, allowing us to move forward in confidence into the new year. It also gives us the opportunity to strengthen ties with existing investors while forming relationships with new investors."

About James E. Wagner Cultivation Corp.

James E. Wagner Cultivation's wholly owned subsidiary is a licensed producer under the Cannabis Regulations, formerly the Access to Cannabis for Medical Purposes Regulations. James E. Wagner is a premium-cannabis brand focusing on producing clean, consistent cannabis using an advanced and proprietary aeroponic platform named GrowthStorm.

We seek Safe Harbor.

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