SWMBRD Sports Inc (CSE:SWIM) plans to complete a non-brokered private placement offering of up to 10 million units at a price of $0.10 per unit, the company announced.
Each unit is made up of one common share and one common share purchase warrant, the latter of which entitles its holder to buy an additional share for $0.20 within a year.
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The move would generate proceeds of up to $1 million, which the company plans to put toward the production of current SWMBRD models as well two additional molds in different sizes. The funds will also cover expenses connected to listings on the OTCQB and Frankfurt Exchange, in addition to working capital.
SWMBRD makes a proprietary aquatic sports board, which the Vancouver-based company says empowers the human body in the water, giving water lovers of all ages and abilities the freedom to explore all aquatic environments with ease.
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