Empower Clinics Inc (CSE:CBDT) (OTCQB:EPWCF) has closed a non-brokered private placement worth C$720,866, the company announced Thursday, the proceeds of which it plans to put toward the launch of its psychedelics division Dosed Wellness Ltd.
The company offered 14.4 million units, each containing one share and one share purchase warrant, at a price of C$0.05 per unit. Warrants entitle the holder to purchase an additional share at a price of C$0.12.
Empower also said that in response to strong demand for coronavirus testing, the company has expanded testing at its Phoenix clinics to five days a week. In addition, Sun Valley Health has added ten new hires and made four internal management promotions over the past 30 days to manage the increased volumes of patients.
READ: Empower Clinics expands coronavirus testing in Arizona; sets new patient record volume for June
"Our clinic team continues to provide exemplary support and care for patients in a safe and compassionate manner," CEO Steven McAuley said in a statement. "Successfully accessing the capital markets to support growth allows the company to advance its ongoing plan of providing diversified health and wellness services and positioning us to become a long-term market leader."
Empower plans to put the funds toward Dosed Wellness, which will function as the company’s dedicated psychedelics division, leveraging its network of physicians and clinics, research opportunities and base of more than 165,000 patients.
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