- 6,445,880 units were issued at a price of C$0.15 per unit for gross proceeds of C$966,882
- Each unit is comprised of one common share and one share purchase warrant
- Each warrant is exercisable into one common share at an exercise price of $0.22 for a period of 18 months
- Proceeds will be used to fund expansion projects in its Nevada and California operations
- Fiore Cannabis is a publicly traded company that has been investing in the development of medical and recreational cannabis products since 2014
- Fiore Cannabis (FIOR) opened trading at $0.165 per share
Fiore Cannabis Ltd. (FIOR) announced the closing of the first tranche of its non-brokered private placement.
6,445,880 units were issued at a price of C$0.15 per unit for gross proceeds of C$966,882 with 54% coming from management and insiders.
“I’m impressed with the strong demand we received for this oversubscribed private placement offering. I’m grateful for the ongoing support from investors, management and insiders as we execute on our refreshed business strategy.
With a bolstered balance sheet, we can move forward to advance initiatives that further tighten our focus on growth and expansion in Nevada and California markets. We thank all our investors for their ongoing support and commitment to Fiore,” said Erik Anderson, President and CEO of Fiore Cannabis.
Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable into one common share at an exercise price of $0.22 for a period of eighteen months from the date of issuance.
The warrants are subject to an accelerated expiry date if the trading price of the company’s common shares closes at or above $0.50 per share for a period of ten consecutive trading days.
The securities issued in the private placement are subject to a hold period of four months and one day from the date of issuance.
Proceeds will be used to fund expansion projects in its Nevada and California operations, and for general working capital purposes.
Fiore Cannabis is a publicly traded company that has been investing in the development of medical and recreational cannabis products since 2014.
Fiore Cannabis (FIOR) opened trading at $0.165 per share.