- Tinley’s (TNY) has closed its non-brokered private placement for gross proceeds of $1,865,670.75
- The company issued 12,437,805 units priced at $0.15 per unit
- Richard Gillis, President and Chief Operating Officer of Tinley’s, subscribed for 1 million units
- Net proceeds from the offering will be used for working capital and marketing
- The Tinley Beverage Company is a functional beverage company
- The Tinley Beverage Company Inc. (TNY) opened trading at C$0.17 per share
Tinley’s (TNY) has closed its non-brokered private placement for gross proceeds of $1,865,670.75.
The company issued 12,437,805 units priced at $0.15 per unit. Each unit consists of one common share and one purchase warrant. Each warrant is exercisable into one common share at a price of C$0.20 for a period of 24 months following the closure of the offering.
Richard Gillis, President and Chief Operating Officer of Tinley’s, subscribed for 1 million units.
“I made this investment to demonstrate my confidence in Tinley’s growth trajectory,” said Richard Gillis. “Our canning line nearing completion provides us with our third packaging production option, and our tunnel pasteurizer plus the additional upgrades we are now engineering allow us to offer a broad menu of paths to production to satisfy Q4 customer demand. I’m more excited than ever to see the Tinley vision becoming a reality.”
Advisory board member Andrew Stodart also participated in the offering.
“We are delighted to have key executives who lead our growth in both Canada and the USA participate in the Offering,” said Ted Zittell, member, Office of the CEO, and director of the company. “Our commitment to building value in both countries remains as strong as ever.”
Net proceeds from the offering will be used for working capital, capital expenditures, marketing, establishing new business lines and exploring potential mergers and acquisitions.
The company issued an aggregate of 760,256 compensation options and paid aggregate cash commissions of $114,625 to eligible finders.
The Tinley Beverage Company Inc. (TNY) manufactures the Beckett’s Classics™ and Beckett’s 27™ line of non-alcoholic, terpene-infused spirits and cocktails. Cannabis-infused versions of these products are offered under the Tinley’s™ brand in licensed dispensaries and home delivery services throughout California, with expansion to Canada underway.
The Tinley Beverage Company Inc. (TNY) opened trading at C$0.17 per share.