- BioHarvest Sciences Inc. (BHSC) has announced a private placement of up to US$5 million
- The funds raised will allow the company to accelerate the growth plan for its polyphenols/antioxidants and cannabis verticals
- BioHarvest plans to bring its first cannabis products to market in 2022 and will be converting the current VINIA 2 tons/year facility in Rehovot, Israel to produce cannabis
- Besides ongoing and customary liabilities to suppliers and employees, the company has no outstanding debt
- BioHarvest Sciences Inc. is a biotech firm
- BioHarvest Sciences Inc. (BHSC) opened trading at $0.35 per share
BioHarvest Sciences (BHSC) has announced a private placement of up to US$5 million.
The funds raised will allow the company to accelerate the growth plan for its polyphenols/antioxidants and cannabis verticals.
On March 23, 2021, BHSC announced the completion of the company’s cannabis R&D (research and development) program, marking the start of the proposed transition to commercial-scale manufacturing.
BioHarvest plans to bring its first cannabis products to market in 2022 and will be converting the current VINIA 2 tons/year facility in Rehovot, Israel to produce cannabis.
The transition to cannabis manufacturing in Israel, combined with the planned incremental marketing spend for VINIA in the USA, requires additional financing which the company will seek to raise by issuing up to $5 million USD of convertible notes.
The notes, which will be denominated in Canadian dollars, will have a term of 24 months, and pay interest of 6 per cent per annum.
In the event that the company issues a notice of redemption prior to the anniversary date the amount of principal redeemed, and accrued interest will be immediately convertible at the option of the holder.
The company may pay customary commissions or other sales incentives to registered brokers or investment dealers or finders (where permitted by law).
Besides ongoing and customary liabilities to suppliers and employees, the company has no outstanding debt.
“This US$5 million financing gives us the required marketing resources to accelerate the building of our VINIA revenue and customer base as well as provide the capital needed to commence cannabis production in Israel in H2, both of which are major 2022 priorities which will significantly increase the enterprise value,” stated Ilan Sobel, CEO of BioHarvest Sciences.
BioHarvest Sciences Inc. is a biotech firm that has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at an industrial scale, without the need to grow the plant itself.
BioHarvest Sciences Inc. (BHSC) opened trading at $0.35 per share.