CENTR Brands (CNTR) has completed the second tranche of its non-brokered private placement financing.
CENTR will issue C$1,630,026 of units comprised of one common share and one common share purchase warrant at an issue price of $1.50 per unit.
Each warrant will be exercisable to acquire one common share at a price of $1.75 for a period of three years following the date of issue. The company confirms that the final closing of the offering is expected to result in the issue of further units on similar terms within the next few weeks.
The net proceeds will be used to support the production needs related to the company's significant volume growth, and other general working capital purposes.
The offering is subject to certain conditions including the approval of the Canadian Securities Exchange.
CENTR Brands is a beverage company that develops and markets non-alcoholic beverages for the global market. CENTR's CBD drinks are sold in 19 states by 11 distributors.
CENTR Brands Corp. (CNTR) is unchanged, trading at C$1.40 at 3:40 pm ET.