Emerging leader in cannabis-infused beverages, BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF,FSE:7BC) (“BevCanna” or the “Company”) is pleased to announce it has closed a non-brokered private placement financing (the “Equity Financing”). Pursuant to the Equity Financing, the Company sold 88,235 common shares (each, a “Share”) at a price of $0.425 per Share for gross proceeds of $37,500. The intended use of proceeds of the Equity Financing is general working capital purposes.
The Company also announces it has settled debt in the amount of $84,669.20 owed by the Company to certain creditors of the Company in exchange for 211,673 common shares (each, a “Debt Settlement Share”) at a deemed price of $0.40 per Debt Settlement Share.
The securities acquired in the the Equity Financing and the debt settlement are subject to resale restrictions imposed by applicable law or regulation, including a statutory hold period expiring four months and one day from the date of closing of the transactions.
None of the securities acquired in the Equity Financing and the debt settlement will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
The Company also announced that Joey Bedard-Brunet has resigned as a director of the Company effective April 9, 2020, for personal reasons. The Company wishes to thank Mr. Bedard-Brunet for his contributions to the Company.
BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) develops and manufactures cannabinoid-infused beverages and consumer products for in-house brands and white label clients. With decades of experience creating, branding and distributing iconic brands that resonate with consumers on a global scale, the team demonstrates an expertise unmatched in the emerging cannabis beverage category. Based in British Columbia, Canada, BevCanna has a 292-acre outdoor cultivation site in the fertile Okanagan Valley and the exclusive rights to a pristine spring water aquifer, as well as a world-class 40,000-square-foot, HACCP certified manufacturing facility, with a current bottling capacity of up to 210M bottles per annum.
On behalf of the Board of Directors:
John Campbell, Chief Financial Officer and Chief Strategy Officer
Director, BevCanna Enterprises Inc.
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Luca Leone, BevCanna Enterprises Inc.