BioHarvest Sciences Inc said it has closed the first tranche of its previously reported oversubscribed private placing of convertible notes, bringing in a principal sum of C$6,878,243.65.
As reported on October 7 this year, Vancouver-based BioHarvest Sciences revealed that the private placement of up to C$6.3 million had been oversubscribed and had been increased to up to C$10 million in a bid to further accelerate VINIA sales growth and its cannabis commercialization activities in North America.
In connection with the first tranche, the company said it had paid finder's fees of C$95,392.27.
Upon and for each conversion of any portion of the principal amount of certain notes in the aggregate principal amount of C$1,920,717.80, BioHarvest added that it may issue warrants to the finders.
READ: BioHarvest Sciences increases size of oversubscribed non-brokered private placement of convertible notes
The finders' warrants are exercisable to buy up to a number of company shares equal to 5% of the converted amount divided by the conversion price for a period of 12 months.
The notes issued under the first tranche, and any common shares issuable upon conversion, are subject to a four-month and one-day hold expiring February 14, 2023.
Also in the statement, BioHarvest said it invited all interested members of the media, scientific community, and shareholder partners to join its CEO Ilan Sobel at the Q3 shareholder update on October 25 at 11am PT.
The online session will include a live Q+A, and BioHarvest Sciences added that Sobel will present the product composition details for BioHarvest's first cannabis strain, and will discuss progress on the first major integrated USA VINIA marketing campaign, which included record quarterly results for Q3 VINIA sales.
People are asked to register HERE.
Vancouver-based BioHarvest Sciences is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology: the first and only industrial-scale plant cell technology capable of producing active plant ingredients without the necessity to grow the plant itself.
Contact the writer at giles@proactiveinvestors.com