Cannabis
Sunniva Announces Closing Of Third Tranche Of Short Term Bridge Financing For Proceeds Of Cad $325,000
Sunniva Inc. (“Sunniva”, the “Company”, “we”, “our” or “us”) (CSE:SNN) (OTCQB:SNNVF), a North American provider of cannabis products and services, is pleased to announce that it has closed the third tranche of the Company’s non-brokered private placement (the “Offering“), previously announced on August 1, 2019 of CAD $325,000 for a total of 325,000 units of the Company (“Units“). In aggregate the total gross proceeds raised by the Offering was CAD $7.57 million and 7.57 million Units issued. Each Unit consists of a principal amount of unsecured promissory notes of the Company (“Promissory Notes“) and common share purchase warrants of the Company (“Warrants“).
As previously disclosed, proceeds of the Offering will be used to provide short term working capital for operations in California, capital costs at the Sunniva California Campus and general corporate purposes.
The Units issued under the Offering have the following terms:
|
Promissory Notes |
|
|
Maturity: |
6 months from the closing date. |
|
Interest Rate: |
10% (annual rate). |
|
Warrants |
|
|
Number of Warrants: |
0.40 Warrants per Unit (each Warrant entitles the holder to acquire one common |
|
share of the Company at the Warrant Exercise Price). |
|
|
Warrant Exercise Price: |
CAD $2.50 per Warrant. |
|
Warrant Term: |
24 months from closing. |
A finder’s fee of 5% payable in cash will be paid to certain investment advisors for introducing certain purchasers of Units to the Company.
The Promissory Notes and Warrants have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Promissory Notes or Warrants in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
For more information please visit: www.sunniva.com.
To be added to the Sunniva email distribution list please register at www.sunniva.com/email-alerts.mailto:
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Sunniva Inc.