Mojave Jane Brands (“Mojave Jane” or the “Company”) (CSE:JANE, OTC:HHPHF, FSE:OHCN), a California cannabis company, is pleased to announce that it will proceed with a non-brokered private placement of up to 32,000,000 units (the “Units”) at $0.25 per Unit for gross proceeds of up to $8,000,000 (the “Offering”).
Each Unit will consist of one common share in the capital of the Company (the “Shares”) plus one-half of one common share purchase warrant (each a “Warrant”). Each whole Warrant will entitle the holder to purchase one additional Share at a price of $0.40 for a period of twenty-four months from the closing date of the Offering.
The Company may pay a finder’s fee on the Offering within the amount permitted by the policies of the Canadian Securities Exchange (the “Exchange”). Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including from the Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Offering is not subject to a minimum aggregate amount of subscriptions.
The net proceeds from the Offering will be used by the Company to fund strategic acquisitions, expand Mojave Jane’s delivery footprint and for general working capital.
About Mojave Jane Brands
Mojave Jane Brands Inc. is a Canadian-based cannabis sector brand and distribution company emerging as a true vertical integrator in California’s legal cannabis space serving recreational and wellness markets. The Company’s U.S. holdings are comprised of assets set up as a vertical stack including cultivation to scale, branding, packaging, manufacturing & processing, a distribution arm, the CALIGOLD edibles brand and access to the Speedweed delivery platform. Operating out of licensed strategic locations within the state, Mojave Jane is leveraging its consumer and brand-focused business model to generate sustainable profits delivering quality product by recognized brands.
Mojave Jane trades in Canada, ticker symbol JANE on the CSE, and in Europe, ticker symbol 0HCN on the FSE. Neither the CSE, nor the FSE has approved nor disapproved the contents of this press release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
Marijuana Industry Involvement
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate. Marijuana is legal in certain states however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Mojave Jane’s ability to access private and public capital could be affected and or could not be available to support continuing operations.
On behalf of the Board of Directors
Mojave Jane Brands Inc.
This news release contains forward-looking statements. The Company has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward-looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.