SWMBRD Sports Inc (CSE:SWIM) told investors it plans to raise of up to $1,240,200 through a non-brokered private placement of 41,340,000 units at $0.03 each.
Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to acquire an additional share for $0.05 for two years from the date of issue.
SWMBRD said it plans to use the net proceeds of the offering for general working capital and the payment of current outstanding debts. It may increase or decrease the size of the offering at its sole discretion, the company added.