GREY:VDQSF - Post by User
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goldmember1on May 05, 2017 9:59am
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Post# 26208020
Filings - Placement NOT closed
Filings - Placement NOT closedhttps://thecse.com/sites/default/files/CSE_Form_7_Monthly_Progress_Report_for_April_2017_0.pdf
On April 13, 2017, the Issuer announced it was working on a non-brokered private placement of 4,000,000 units (each, a “Unit”) at a price of $0.40 per Unit in order to raise gross proceeds of $1,600,000. Each Unit will comprise one common share and one transferable full share purchase warrant exercisable at a price of $0.50 for two years from the date of issuance.
Upon completion, the majority of the proceeds of this private placement will be used to complete the final expansion of the Issuer’s facility in Bellingham, Washington, as announced on March 23, 2017.
In addition, the Issuer announced it intended to settle debt in an aggregate amount of $80,000 in exchange for the issuance of 200,000 common shares to related-party creditors. The debt settlements will be based on a deemed price of $0.40 per common share.
The closing of the private placement and settlement of debt transactions remain subject to all requisite approvals. All securities to be issued in connection with the private placement and debt settlements shall bear a four-month and one day hold period from the date of issuance.