MOJAVE JANE ANNOUNCES CLOSING OF PRIVATE PLACEMENT
“Mojave Jane is pleased with the demonstration of support for the Company’s growth strategy that this financing represents. We intend to deploy the proceeds to expand our extraction, manufacturing and delivery capabilities in the burgeoning California market through a blend of expansion and acquisition.”
Mojave Jane Brands Inc. has closed a non-brokered private placement of 15,930,500 units of the company at 20 cents per unit for gross proceeds of $3,186,100.
Each Unit consists of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.30 per Share on or before September 9, 2021. The securities are subject to a hold period of four months and one day from the closing date of September 9, 2019. This private placement was previously announced on July 24, 2019 under terms (the “Announced Terms”) that were subsequently amended due to market conditions. The units were repriced in the context of the market from the previously Announced Terms of $0.25 with a half warrant at $0.40. The Company confirms that the Announced Terms do not form part of the completed Offering and no subsequent Offering on the Announced Terms is anticipated to be completed at this time.
The Company has paid eligible finder cash commissions in the aggregate amount of $100,086 and issued non-transferable warrants (the “Finder’s Warrants”) to finders to acquire up to a total of 347,430 Shares. Each Finder’s Warrant entitles the holder to purchase one Share at a price of $0.20 per Share on or before September 9, 2020.
The net proceeds from the Offering will be used by the Company to fund strategic acquisitions, expand Mojave Jane’s delivery footprint and for general working capital.
Mojave Jane CEO Gary Latham commented: “Mojave Jane is pleased with the demonstration of support for the Company’s growth strategy that this financing represents. We intend to deploy the proceeds to expand our extraction, manufacturing and delivery capabilities in the burgeoning California market through a blend of expansion and acquisition.”
About Mojave Jane Brands
Mojave Jane Brands Inc. is a Canadian-based cannabis sector brand and distribution company emerging as a true vertical integrator in California’s legal cannabis space serving recreational and wellness markets. The Company’s U.S. holdings are comprised of assets set up as a vertical stack including cultivation to scale, branding, packaging, manufacturing & processing, a distribution arm, the CALIGOLD edibles brand and access to the Speedweed delivery platform. Operating out of licensed strategic locations within the state, Mojave Jane is leveraging its consumer and brand-focused business model to generate sustainable profits delivering quality product by recognized brands.
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