SWMBRD Sports Inc (CSE:SWIM) said it has completed a first tranche of its previously announced non-brokered private placement under which it issued an aggregate of 3,265,000 units at a price of $0.05 per unit for gross proceeds of $163,250.
The company said it expects to close a second tranche of the private placement shortly.
The proceeds of the offering will be used for the payment for production, shipping and storage of 500 swimboards, trade show costs, marketing and general working capital.
READ: SWMBRD Sports successfully registers UK design patent for its proprietary aquatic sports board
Each unit in the offering was comprised of one common share in the capital of the company and one transferable share purchase warrant. Each warrant entitles the holder to purchase one additional share for a period of five years from the closing date at an exercise price of $0.06 per warrant share.
The securities issued in connection with the offering are subject to a four-month hold period from the date of issuance.
No finders’ fees or commissions were paid in connection with the offering.
None of the securities acquired in the offering were or will be registered under the United States Securities Act of 1933, as amended and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.
SWMBRD Sport is a Vancouver, BC-based sporting goods company looking to enable millions to rethink their way of recreating in the water. Its management believes that SWMBRD’s 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, giving water lovers of all ages and abilities the freedom to explore all aquatic environments with ease.
By offering an aquatic board sport that is versatile, easy to use, easy to store, and which can be used by all ages and body types in any body of water (rivers, oceans, lakes and pools), the company believes SWMBRD and the sport of swim boarding has the potential to become one of the most popular board sports in the world, and a great aquatic brand.
The company has refined manufacturing techniques most relevant to the SWMBRD and has successfully produced demonstration fleets of fully functioning boards, which have been in rigorous real-world use in Hawaii, Canada and Greece.
The company is now preparing to commence large-scale mass production under an OEM agreement with Tahe Outdoors of Vannes, France - the preeminent board sport manufacturer in Europe. It is SWMBRD’s intention to have Swimboards available for sale in December of 2022.
Contact the author at jon.hopkins@proactiveinvestors.com