Bhang Inc (CSE:BHNG, OTCQB:BHNGF) said it has closed a non-brokered private placement of 22,147,400 units of the company for aggregate gross proceeds of C$1,218,107.
The company said the proceeds of the offering will be used for general working capital purposes.
Each unit in the placement is comprised of one subordinate voting share (SVS) of the company and one-half of one SVS purchase warrant. Each whole warrant entitles the holder to purchase one SVS of the company at an exercise price of C$0.10 for a period of 18 months following the closing of the offering.
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The units issued in connection with the offering are subject to a four-month and one-day hold period expiring on April 18, 2022, and such further restrictions as may apply under foreign securities laws.
In connection with the offering, the company paid, to a finder a cash commission of approximately C$25,014 in relation to the gross proceeds of the offering raised from subscribers introduced to the company. The company also issued an aggregate of 454,800 finder warrants to the finder with each finder warrant entitling the holder to acquire one SVS at an exercise price of C$0.10 for a period of 18 months following the closing of the offering.
For over a decade Bhang has delivered exceptional sensory experiences to consumers through its extensive portfolio of over 50 master-chef-created cannabis, CBD and terpene products including gourmet chocolates, pre-rolls, CBD isolate, and Hempsticks.
The company's highly-awarded chocolates are among the top-selling edibles in 7 US states and Canada. Bhang's CBD products are globally distributed and are known for being safe, efficacious and delicious.
Contact the author at jon.hopkins@proactiveinvestors.com