Beleave (
CSE: BE,
Forum) bolstered its books when the company announced today that it had completed a private placement financing for gross proceeds of $439,300.90 on the issuance of 1.46 million units with each unit consisting of one common share and one common share purchase warrant.
According to the
news release, the common share purchase warrants are exercisable at a rate of $0.50 per warrant for a period of two years after closing. A company director has also participated in the financing.
The release went on to note that the company also closed a shares-for-debt transaction with related parties and other parties of the company where Beleave will issue common shares at a price of $0.30 per share for the settlement of the amounts owing to such creditors. As a result, the company has settled $261,297.50 of existing debt with the issuance of 870,992 debt settlement shares.
Certain creditors are directors and/or officers of the company. All issuances are still subject to regulatory approval.
Shares in the Flamborough, Ontario-based company were down 2.63% on minimal trading.
Currently there are 17.3m outstanding shares.
FULL DISCLOSURE: Beleave is a Stockhouse Publishing client.