Love Pharma (CSE:LUV) Inc, which has a focus on the global sexual health and wellness markets, revealed that it has completed a first closing of a non-brokered private placement.
The Vancouver, British Columbia-based company said it accepted subscriptions for 72,971,998 units at a price of $0.011 per unit, for gross proceeds of $802,691.99.
Proceeds will be used for working capital and to review possible acquisitions, the company said.
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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.
The company paid $25,415.36 in cash and issued 2,310,487 broker warrants on the same terms as noted above, to qualified finders. Securities issued pursuant to this tranche are subject to trading restrictions until October 9, 2022.
Love Pharma (CSE:LUV) was founded in 2020, with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life. The company holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products in Europe, the United Kingdom, and North America.
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