Love Pharma (CSE:LUV) Inc said it has completed a first closing of a non-brokered private placement, raising gross proceeds of $331,000 after accepting subscriptions for 16,550,000 units at a price of $0.02 each.
Proceeds will be used for working capital and to review possible acquisitions, the company said.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.05 for a period of two years from the date of closing, subject to the option of the company to accelerate the expiry date in the event that its shares trade at $0.15 or more for 10 consecutive days.
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The company paid $9,050 in cash and issued 400,000 broker warrants on the same terms as noted above, to qualified finders. Securities issued pursuant to this tranche are subject to trading restrictions until August 6, 2022.
Focusing on the global sexual health and wellness markets, Love Pharma (CSE:LUV) was founded in 2020. Love Pharma (CSE:LUV) holds exclusive licenses to produce, market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.
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