Private Placement and Issuance of Bonus Shares to Pivot Fin. TORONTO, Sept. 28, 2021 /CNW/ - GreenSpace Brands Inc. ("GreenSpace" or the "Company") (TSXV: JTR), a leader within the organic and plant-based food industry, is pleased to announce that it has successfully closed its previously announced bought deal private placement financing of 47,955,000 units (the "Units") of the Company at a price of $0.06 per Unit for gross proceeds of $2,877,300 (the "Offering"). This includes the exercise by the Underwriters (as defined below) of their over-allotment option. The Company intends to use the net proceeds of the Offering for working capital, investments in innovation, geographic and channel expansion, and general corporate purposes.
Each Unit consists of one common share in the capital of the Company ("Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder of the Warrant to purchase one Common Share for $0.09 for up to 24 months from the date of issuance thereof.
The Offering was made through lead underwriter PI Financial Corp., and Canaccord Genuity Corp. (collectively, the "Underwriters"). In connection with the Offering, the Underwriters received, as compensation: (i) cash commission of $163,683; and (ii) non-transferrable broker warrants exercisable at $0.06 per Common Share until the day that is 18 months from the closing date to acquire an aggregate of 2,728,050 Common Shares.
All securities issued or issuable under the Offering will be subject to a statutory hold period of four months plus one day from the closing date in accordance with applicable securities legislation. The Offering remains subject to final acceptance of the TSX Venture Exchange ("TSXV"). The TSXV has conditionally approved the listing of all Common Shares issuable under the Offering.
https://www.newswire.ca/news-releases/greenspace-announces-completion-of-private-placement-and-issuance-of-bonus-shares-to-pivot-financial-inc--831722145.html