- CanBud Distribution Corporation (CBDX) has closed the first tranche of its non-brokered private placement for gross proceeds of approximately C$2,639,080
- The second and final tranche is expected to close on March 2, 2021
- The corporation issued 21,992,333 units at C$0.12 per unit
- Each unit comprised of one common share and one common share purchase warrant
- Proceeds will be used for working capital, business development and general corporate purposes
- CanBud Distribution Corporation (CBDX) encompasses plant-based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoids (CBD) verticals
CanBud Distribution closes first tranche of its C$3.5M private placement offering.
CanBud Distribution Corporation (CBDX) has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of approximately C$2,639,080. The second and final tranche is expected to close on March 2, 2021.
The corporation issued 21,992,333 units at C$0.12 per unit. Each unit comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.22 within 24 months of the closing of the offering.
If the closing price of the common shares is C$0.25 or greater for a period of five consecutive trading days at any time after the closing date of the offering, CanBud may choose to modify the warrant terms.
Finder’s fees in the aggregate amount of C$84,470.39 in cash and 703,920 broker warrants were paid to a syndicate of arms-length finders.
Proceeds will be used for working capital, business development and general corporate purposes.
All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing.
Completion of the offering is subject to a number of conditions, including receipt of all regulatory approvals, including approval of the CSE.
Canbud Distribution Corporation is a health and wellness company that encompasses plant-based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoids (CBD) verticals.
Canbud (CBDX) opened trading at C$0.20 per share.