SWMBRD Sports Inc (CSE:SWIM). said it has completed its previously announced non-brokered private placement, issuing an aggregate of 3,460,000 units at a price of $0.10 each and raising gross proceeds of $346,000.
Vancouver-based SWMBRD said each unit comprised one common and one transferable share purchase warrant with each warrant entitling the holder to purchase one additional share for a period of one year from the closing date at an exercise price of $0.20.
The proceeds of the offering will be used for the production of the company's proprietary aquatic sports boards, the production of two additional molds in different sizes, expenses related to listings and general working capital.
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Zimtu Capital Corp, which held over 10% of the shares of the company prior to the closing date, purchased 1,150,000 units in the offering, taking its stake to approximately 19.11%.
SWMBRD Sports believes that its proprietary aquatic sports board, by virtue of its patented design, is revolutionary in how it empowers the human body in the water like nothing before.
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