Sugarbud Craft Growers has completed its previously announced non-brokered private placement for proceeds totalling C$925,000.
Sugarbud Craft Growers (TSXV:SUGR) has completed its previously announced non-brokered private placement for proceeds totalling C$925,000.
As quoted in the press release:
Pursuant to the Private Placement, Sugarbud issued a total of 18,500,000 units (“Units”) of Sugarbud at a price of $0.05 per Unit. Each Unit was comprised of one common share (“Common Share”) of Sugarbud and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.10 until November 18, 2021, subject to early expiry in the event that the 5-day volume weighted average trading price of the Common Shares equals or exceeds $0.125. The Common Shares and Warrants are subject to a four month hold period under applicable securities laws in Canada. The Private Placement remains subject the final approval of the TSX Venture Exchange (the “TSXV”).
Sugarbud will use the proceeds of the Private Placement to further develop its high capacity state-of-the-art vertical cannabis cultivation facility in Stavely, Alberta and for general working capital purposes.