Love Pharma (CSE:LUV) Inc said it has completed the second tranche of a non-brokered private placement, raising gross proceeds of $47,500.
The funds will be used as working capital and to review possible acquisitions, the company said.
The company accepted subscriptions for 2,375,000 units at a price of 2 cents each. Each unit consists of one common share and one common share purchase warrant, entitling the holder to purchase one additional common share at 5 cents 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 15 cents or more for 10 consecutive days.
READ: Love Pharma completes first closing of a non-brokered private placement
The company paid $3,800 in cash and issued 190,000 broker warrants on the same terms as noted above to qualified finders.
Securities issued under the tranche are subject to trading restrictions until September 7, 2022.
Love Pharma focuses on the sexual health and wellness markets. It aims to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life.
The company holds exclusive licences 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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