Solegear Completes Private Placement for 5,000,000 Units

Solegear Bioplastic (TSXV:SGB) has announced that it has completed the private placement announced on July 11, 2017 for gross proceeds of $500,000.
As quoted in the press release:

 The Company issued 5,000,000 Units at a price of $0.10 per Unit. Each unit is comprised of one common share of the Company (each, a “Share“) and one common share purchase warrant (each, a “Warrant“, and together, a “Unit“). As a result, the Company has a total of 79,806,854 common shares issued and outstanding. Insider participation in the private placement totaled 480,000 Units.
Each Warrant entitles its holder to acquire one additional Share of the Company at a price of $0.15 per Share within the 24-month period following the closing of the Private Placement. The net proceeds of the Private Placement will be used for working capital and ongoing commercial activities.
“We have seen significant growth in the demand for our products in the first 4 months of our new financial year,” said Paul Antoniadis, CEO of Solegear. “Increased regulatory pressure on packaging made from polystyrene has created commercial momentum beyond our original expectations. The net proceeds of the private placement will be used to accelerate fulfillment of pending customer orders and line extensions”.
The Company is pleased to announce today that it has engaged Gravitas Securities in a brokered private placement for an additional 5,000,000 Units at a price of $0.10 per Unit to raise gross proceeds of up to an additional $500,000. The Company may potentially increase the size of the brokered financing depending on market conditions. The Company is targeting to close this brokered financing on or around August 23, 2017.

Click here to read the full press release.