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Weekend Unlimited secures C$517,000 via private placement to fund Ruby Mae's IP acquisition

The lifestyle-branded cannabis company offered more than 6.4 million subscription receipts at a price of C$0.08 each

Ruby Mae's chocolates box
Weekend said the acquisition of the Ruby Mae’s brand and intellectual property will further accelerate the company’s brand recognition within Oklahoma

Weekend Unlimited Industries Inc (CSE:POT) (OTCQB:WKULF) has closed a non-brokered private placement worth C$517,400 in order to acquire the intellectual property of Oklahoma cannabis edibles company Ruby Mae’s LLC, the company announced late Tuesday. 

The lifestyle-branded cannabis company offered more than 6.4 million subscription receipts at a price of C$0.08 per receipt. The receipts will automatically convert into units, each containing one common share and one share purchase warrant, assuming the deal is completed before September 30, 2020, and certain escrow release conditions are met.

A warrant entitles its holder to purchase an additional share at a price of C$0.11 for a period of two years. The company can push that date up if its shares deliver a ten-day volume-weighted trading average at or above C$0.35.

READ: Weekend Unlimited taps experienced investment banker Michael Young as new board director

Weekend will also pay a fee of C$16,480 and issue 206,000 additional warrants once the escrow release conditions are met.

Additionally, the company announced that it will issue 600,000 shares as part of an existing contract with a member of its board of directors and another 625,500 shares to settle a debt with a former director. Those shares are being issued at a value of C$0.08, the company said.

In a previous statement, Weekend said the acquisition of the Ruby Mae’s brand and intellectual property will further accelerate the company’s brand recognition within Oklahoma and substantially expand its lineup of brands, products and sales.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Weekend Unlimited Industries Inc.

Price: 0.25 CAD

CSE:POT
Market: CSE
Market Cap: $2.85 m
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Weekend Unlimited signs Letter of Intent to acquire all IP from Oklahoma...

Weekend Unlimited ((CSE: POT - OTCQB: WKULF) CEO Chris Backus joined Steve Darling from Proactive with news the company has signed an LOI to acquire 100% of the IP from the Oklahoma Cannabis brand Ruby Mae’s. Backus talks about this brand and just successful they have been in Oklahoma....

on 06/24/2020

2 min read