VANCOUVER, BC, April 11, 2022 /PRNewswire/ - Xebra Brands Ltd. ("Xebra") (CSE: XBRA) (OTCQB: XBRAF) (FSE: 9YC), a cannabis company, is pleased to announce that it has closed its non-brokered private placement (the "Private Placement") previously announced on February 25, 2022. The private placement was oversubscribed by 50%.
The Private Placement raised gross proceeds of C$1,800,000 through the issuance of 15,000,000 units at a price of C$0.12 per unit. Each unit is comprised of one common share of Xebra (a "Share"), and a half warrant. Each full warrant entitles the holder, on exercise, to purchase one Share at a price of C$0.25 for a period of 12 months from the closing date of the Private Placement. An aggregate of 257,063 shares, 504,560 warrants and C$60,547 will be paid in finders' fees. The securities issued in the Private Placement are subject to a hold period expiring on August 9, 2022.
Xebra intends to use the proceeds of the Private Placement for general working capital purposes.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. State Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor any other jurisdiction.
ON BEHALF OF THE BOARD:
Rodrigo Gallardo
President
View original content to download multimedia:https://www.prnewswire.com/news-releases/xebra-closes-oversubscribed-financing-301522419.html
SOURCE Xebra Brands Ltd.
