Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF) has increased its previously announced private placement from $1 million to $1.7 million due to investor demand and has closed the first tranche.
The company raised $460,000 in cash and settled $490,000 in debt by issuing 11.85 million units at $0.08 per unit, each consisting of one share and one warrant exercisable at $0.12 for two years.
Proceeds from the financing will support working capital needs, including inventory purchases.
The final tranche is expected to close around April 24, subject to CSE approval.