Non-Brokered Private Placement of up to $3,000,000 - Offering is priced at $0.20 per offered unit, with a full warrant at $0.40 for 24 months
- Proceeds to be used for organic and inorganic growth initiatives and refocusing the company on clinical healthcare with a focus on addiction services
VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Levitee Labs Inc. (CSE: LVT) (OTC: LVTTF) (FSE: 7H7) (the "Company" or "Levitee”), an integrative wellness company with a diversified portfolio of healthcare and wellness assets, is pleased to announce that it is proposing to complete a non-brokered private placement (the "Private Placement") of up to 15,000,000 units (the "Units") at a price of $0.20 per Unit for aggregate gross proceeds of up to CAD$3,000,000. The Private Placement is subject to approval from the Canadian Securities Exchange.
Each Offered Unit will be composed of one common share of the Corporation (a “Unit Share”) and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable at $0.40 per share for a period of 24 months from the date of issuance. The Company will pay a finder's fee of 8% on the gross proceeds of the Private Placement from subscribers introduced by certain finders, and will issue such number of finder's warrants ("Finder's Warrants") as is equal to 8% of the Units sold to subscribers introduced by certain finders. Each Finder's Warrant will entitle the holder thereof to purchase one common share of the Company (a "Finder's Warrant Share") at a price of $0.40 per Finder's Warrant Share for a period of twenty-four (24) months from the date of issuance. All securities issued under the Private Placement will be subject to a four month and one day hold period. The Offered Units are expected to be eligible for registered accounts.
The Company plans to use the net proceeds from the offering to reposition the company with a clinical healthcare focus within the addiction services space, while investing in organic and inorganic growth.
“We are excited to move forward with our strategic growth objectives,” said Pouya Farmand, CEO of Levitee Labs. “Through this financing we will have the balance sheet strength to further grow the company and focus on our mission to bring innovative treatments to addiction services patients,” Mr. Farmand added.
About Levitee Labs
Levitee is establishing itself as a leader in the integrative wellness space. Through integrating evidence-based complementary medicines into the traditional infrastructure of mental health and addiction services, Levitee aims to transform mental health and addiction treatments.
The Company’s current portfolio of assets includes: Levitee Clinics™, a group of five operating addiction and pain treatment clinics in Alberta; Levitee Pharmacies™, three pharmacies operating in Alberta specialized in filling prescriptions for patients with substance use disorders, mental health conditions, and chronic pain; BlockMD, the first technology company in Alberta to receive provincial approval for electronic-prescriptions in the addiction treatment space; and Earth Circle Organics, a direct-to-consumer and wholesaler of supplements and superfood products with 180+ SKUs in its product lineup across three brands. Further information about Levitee is available on its website at
Levitee Labs
https://www.globenewswire.com/news-release/2022/01/18/2368904/0/en/Levitee-Labs-Announces-Non-Brokered-Private-Placement-of-up-to-3-000-000.html