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Speakeasy Cannabis Club Ltd
Symbol EASY
Shares Issued 109,513,429
Close 2020-10-15 C$ 0.47
Recent Sedar Documents

Speakeasy closes $1.39M second tranche of placement

2020-10-16 01:14 ET - News Release

Mr. Malcolm Davidson reports

SPEAKEASY CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT

Speakeasy Cannabis Club Ltd. has closed the second tranche of its previously announced non-brokered private placement for deemed aggregate gross proceeds of $1,392,535.70. The second tranche closing consisted of the issuance of 3,763,610 units of the company at a price of 37 cents per unit.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire an additional common share at a price of 60 cents for a period of 24 months from closing.

In connection with the completion of the second tranche of the private placement, the company paid cash finders' fees of $47,952 and issued 129,600 non-transferable broker warrants. Each broker warrant entitles the holder to acquire one common share at an exercise price of 60 cents per share for a period of 24 months following closing.

As part of the private placement, the company also issued an additional 877,973 common shares in settlement of bona fide debts to arm's-length creditors in the aggregate amount of $324,850.

The securities issued by the company under the second tranche of the private placement are subject to restrictions on resale in accordance with applicable securities laws. These restrictions will expire on Feb. 16, 2021. The private placement is subject to final acceptance by the Canadian Securities Exchange.

The company also announces that it has granted incentive stock options to a consultant of the company to acquire an aggregate of up to 417,162 common shares for a period of 24 months at an exercise price of 60 cents per share. In addition, the company has granted options to an officer and certain employees of the company to acquire an aggregate of up to one million common shares for a period of five years at an exercise price of 48 cents per share.

About Speakeasy Cannabis Club Ltd.

Speakeasy Cannabis holds a cultivation, processing and 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 is approaching completion of its harvest of its 60-acre outdoor field. Total yearly production of cannabis flower and biomass is projected to be in excess of 70,000 kilograms per year.

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