The Tinley Beverage Company (OTCPINK:QRSRF,CSE:TNY) announced a non-brokered private placement of units of the Company for up to $2.5 million.
The Tinley Beverage Company (OTCPINK:QRSRF,CSE:TNY) announced a non-brokered private placement of units of the Company for up to $2.5 million. Tinley is the parent company of Hemplify, which manufactures the “Hemplify” line of products–fruit-flavored, sugar-free, vegan, drinkable supplements that contain hemp stalk extract.
As quoted in the press release:
Each Unit is being offered at a price of $0.17 per Unit. Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”). Each full Warrant is exercisable for one Common Share at an exercise price of $0.25 per Common Share for a period of 18 months from the closing date.
The proceeds of the Offering will provide expansion capital for sales and marketing, as well as for product development and general working capital purposes. The proceeds will be released to the Company concurrent with the closing of the Offering, which is expected to occur on or about October 21, 2016 or such earlier or later date as the Company may determine.
The Company has engaged First Republic Capital Corp. as the Lead Finder for the Offering. Finders will be paid a cash fee of up to 9% of the gross proceeds raised in the Offering. Additionally, Finders will receive broker warrants (“Broker Warrants”) exercisable for Units equal in number to up to 9% of the number of Units sold under the Offering. The Broker Warrants will be exercisable at a price of $0.17 per Unit for a period of 18 months after the closing of the Offering. All securities issued in connection with the Offering are subject to a four month and a day hold period.