Solegear Announces Non-Brokered Private Placement

Solegear Bioplastic Technologies (TSXV:SGB) has announced a private placement of up to 5 million unites at $.10 each for gross proceeds of $500,000.
As quoted in the press release:

Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each warrant entitles its holder to acquire one additional common share of the Company at a price of $0.15 per share within the 24-month period following the closing of the Offering, subject to the acceleration right described below.
“After delivering 14X revenue growth in our recently completed fiscal year, we are continuing to see organic growth into fiscal 2018,” said Paul Antoniadis, CEO of Solegear. “The net proceeds of the private placement will be used to accelerate fulfillment of pending customer orders and product line extensions.”
The closing of the Offering is expected to occur on or about July 20, 2018. Closing is subject to a number of prescribed conditions, including, without limitation, approval of the TSX Venture Exchange. The Units will be subject to a four-month hold period under applicable securities laws in Canada.
On a case by case basis, the Company may pay commissions or finders fees, or issue compensation options, to persons who assist in marketing the offering, details of which will be set forth in a subsequent press release. The Company expects that such commissions or finder’s fees will be based on 7% commission and an option to purchase such number of units as is equal to 7% of units sold to persons found by participating brokers or finders.
Acceleration Right
The expiry date of the warrants will be subject to an acceleration right in favour of the Company that is exercisable if the common shares of the Company trade at or above a volume-weighted average trading price of $0.20 on the TSX Venture Exchange on any 20 non-consecutive trading days, following the expiry of the 4-month statutory hold period beginning on the closing date of the Offering. If the acceleration right is exercised by the Company, the warrants will expire on the 20th business day following the date that notice of acceleration is sent to the warrant holders.

Click here to read the full press release.