Empower Clinics Inc (OTCMKTS:EPWCF) (CSE:CBDT) (FRA:8EC) announced Monday that it has closed on an upsized private placement that raised more than C$1.2 million.
In a statement, the company said it intends to use the net proceeds to support clinic growth, lab testing services, sales and marketing, and general working capital purposes.
The company issued 24,567,131 units at C$0.05 per each consisting of one share and one purchase warrant. Each warrant can acquire one share at C$0.12 per apiece for a period of 24 months from the closing.
READ: Empower Clinics says it is on track to be a “formidable” small-cap health and wellness company in 2021
Empower also said that CEO Steven McAuley participated in the offering by subscribing for 1,200,000 units for $60,000.
The offering was led by Mackie Research Capital Corporation, as sole agent and sole bookrunner, which received a cash fee of $88,000.
In addition, the company said it granted the agent compensation options exercisable for 1,760,000 units at an exercise price equal to the offering price for 24 months following the closing of the offering.
The Vancouver-based company owns a network of physician-staffed health clinics in Oregon and Arizona that serve more than 165,000 patients and provides telemedicine options in Arizona, Oregon, Washington State, Nevada, and California.
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