Mr. Bill Mitoulas reports
ORGANIC GARAGE ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT
Organic Garage Ltd. has completed a non-brokered private placement offering of units.
Pursuant to the offering, the company issued 4,090,800 units at a price of 25 cents per unit for aggregate gross proceeds of $1,022,700. Each unit consisted of one common share and one common share purchase warrant, entitling the holder to acquire one additional common share at a price of 33 cents for a period of two years following the closing date.
The net proceeds of the offering will be used for renovations and the upgrade of the company's Oakville location to bring it into line with the company brand and other stores, as well as general corporate and working capital purposes.
The offering has received the conditional approval of the TSX Venture Exchange and remains subject to final approval by the TSX Venture Exchange. No finder or broker fees were paid pursuant to the offering. All securities issued in connection with the offering are subject to a four-month hold period expiring on May 1, 2021.
About Organic Garage Ltd.
Organic Garage is one of Canada's leading independent organic grocers and is committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The company's stores are in prime retail locations designed to give customers an inclusive, unique and value-focused grocery shopping experience. Founded in 2005 by a fourth-generation grocer, Organic Garage is headquartered in Toronto. The company is focused on continuing to expand its retail footprint within the Greater Toronto Area.
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