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BevCanna Enterprises closes equity financing and settles debt in exchange for shares

As a part of the equity financing, the Vancouver-based firm sold 88,235 shares at a price of $0.425 per share for gross proceeds of $37,500

Bevcanna Enterprises Inc. - BevCanna Enterprises closes equity financing and settles debt in exchange for shares
BevCanna also settled $84,669.20 in debt owed by the company to creditors in exchange for 211,673 shares at a price of $0.40 per share

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.

READ: BevCanna Enterprises set to bring Bloom cannabis products to Canadian customers

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.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Quick facts: Bevcanna Enterprises Inc.

Price: 0.25 CAD

CSE:BEV
Market: CSE
Market Cap: $15.14 m
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