PINL:BZAMF - Post by User
Post by
monte8on May 19, 2023 3:23pm
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Post# 35457033
BZAM Ltd. Announces Chairman to Invest an Additional $5M
BZAM Ltd. Announces Chairman to Invest an Additional $5MBZAM "a leading Canadian cannabis producer", announces that it intends to complete a non-brokered private placement of up to approximately 22,222,223 units of the Company (each, a "Unit") at an issue price of C$0.225 per Unit for gross proceeds of up to approximately C$5,000,000 (the "Offering"). Matt Milich, CEO, stated: "We are grateful for the continued support of our Chairman and largest shareholder. This investment falls within the estimated range of funding anticipated at the time of the November merger to be required by the Company, as we continue to work toward achieving positive EBITDA and free cashflow in the second half of 2023." The Company intends to use the proceeds of the Offering for general corporate and working capital purposes.
Subject to customary closing conditions, including, if applicable, regulatory and CSE approvals, it is anticipated that the Offering will be completed on or about May 31, 2023, or such other date as may be determined by the Company (the "Closing Date").