RE:Grenadier = Laguna Blends(LB); LB + NSP = $?$?$Well 10 days ago after writing up the post on Grenadier=Laguna I added more NSP to my holdings and so far.... it appears to have been a good decision.
Yesterday the news release stated that NSP had signed a definitive agreement and received the initial $100,000 purchase order. Good news.
So today's news release from Grenadier certainly suggests that they intend to follow through with their $1,500,000 committment in year 1. Good news IMO.
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Grenadier arranges $1M financing, amends warrants
2015-07-30 12:02 PT - News Release
Mr. Glenn Little reports
GRENADIER ANNOUNCES PRIVATE PLACEMENT AND WARRANTS EXTENSION
Grenadier Resource Corp. will undertake a non-brokered private placement of up to 3,571,429 units at 28 cents per unit for gross proceeds of up to $1-million. Each unit will comprise one common share and one share purchase warrant, with each warrant entitling the holder thereof to acquire an additional share at an exercise price of 50 cents per share for a period of two years from the date of closing of the private placement. The warrant terms contain an acceleration provision such that, in the event the company's shares trade at a price of 60 cents or more for 20 consecutive trading days, then the expiry date shall be accelerated and the warrants will become exercisable within 10 business days of the acceleration event occurring. A cash finder's fee of 8 per cent may be paid to certain finders.
All securities issued under the private placement are subject to a statutory four-month hold period from the date of issuance.
The proceeds from the private placement will be used for working capital and general corporate purposes.
Warrant amendment
The company also announces that, effective July 31, 2015, it has amended the exercise period of its share purchase warrants from six months from the date of issue to one year from the date of issue. Warrants with expiry dates of Aug. 18, 2015, Sept. 6, 2015, and Nov. 26, 2015, will now expire on expire on Feb. 18, 2016, March 6, 2016, and May 26, 2016, respectively. The warrants exercise price of 50 cents per share remains unchanged.
Laguna business update
Laguna Blends Inc. announced that it has entered into a development and manufacturing agreement with Naturally Splendid Enterprises Ltd., superseding the letter of intent between Laguna and NSP previously announced on April 8, 2015. Pursuant to the Laguna agreement, NSP will grant to Laguna: (i) a licence to place the HempOmega trademark on the Laguna HempOmega-infused protein products, as specified under a white-label/private-label agreement; (ii) a worldwide exclusive licence on the four specific formulations of the Laguna HempOmega protein product, provided that Laguna achieves certain minimum sales targets; and (iii) the right and licence to Laguna to sell the Laguna HempOmega-infused protein products. Laguna meet a minimum of $1.6-million in gross sales targets in the first year after entry into the agreement, and a minimum of $4.5-million gross sales in the second year after entry into the agreement.
Laguna share exchange agreement update
As announced on July 20, 2015, the Canadian Securities Exchange has conditionally approved a share exchange agreement, whereby Grenadier will purchase all of the issued and outstanding common shares of Laguna in consideration for common shares of Grenadier on the terms and conditions of the share exchange agreement. It is contemplated that on closing of the share exchange agreement, Laguna will become a wholly owned subsidiary of Grenadier. The share exchange transaction involving Laguna remains subject to, among other things, confirmation of Grenadier shareholder consent to the share exchange agreement following posting of all outstanding CSE application documentation, pursuant to the policies of the CSE, as well as final acceptance of the CSE. Grenadier's stock will remain halted until receipt of shareholder approval and closing of the share exchange. A copy of the share exchange agreement and the amendment thereto is available on SEDAR under Grenadier's profile.
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