BevCanna Enterprises Inc (CSE:BEV) (OTCPINK:BVNNF), a dominant player in the cannabis-infused beverages market, said Friday that it has closed a non-brokered private placement to generate working capital and settled a $84,669.20 debt in exchange for shares.
As a part of the equity financing, the Vancouver-based firm sold 88,235 common shares at a price of $0.425 per share for gross proceeds of $37,500 to generate general working capital.
Separately, BevCanna also said it has settled debt in the amount of $84,669.20 owed by the company to certain creditors in exchange for 211,673 common shares at a deemed price of $0.40 per debt settlement share.
The company noted that the securities acquired in the equity financing and the debt settlement are subject to “resale restrictions” imposed by regulation, including a statutory hold period “expiring four months and one day from the date of closing of the transactions.”
Separately, BevCanna also announced that Joey Bedard-Brunet has stepped down as a director for personal reasons and thanked him for his contributions to the company.
BevCanna Enterprises creates, manufactures and distributes cannabinoid-infused beverages and consumer products for in-house brands, as well as white-label clients. That encompasses everything from product conceptualization and branding, all the way through to production, packaging and logistics.
The group also has a 292-acre cultivation site in its prime location in British Columbia's fertile Okanagan Valley, a spring water aquifer, and a 40,000-square-foot manufacturing facility.
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