VANCOUVER, Nov. 9, 2018 /CNW/ - Bougainville Ventures Inc. ("Bougainville" or the "Company") is pleased to announce that it has arranged a private placement (the "Private Placement") of units (each a "Unit") at a price of $0.20 per Unit for gross proceeds of up to $1,000,000. The Company has made an allowance for an oversubscription of up to 100% of the expected gross proceeds of $1,000,000.
Each Unit is comprised of one common share (each a "Share") of the Company and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional common share (each a "Warrant Share") of the Company at an exercise price of $0.30 per Warrant Share for a term that is 24 months from the date of closing of the Private Placement.
The proceeds of the Private Placement will be used for general working capital.
The Company wishes to correct a typo in its news release dated October 31, 2018, in which it announced the closing of a previously announced private placement with gross proceeds of $308,000 and 1,232,000 units. The previously announced private placement closed with gross proceeds of $320,500 and 1,282,000 units.
About Bougainville Ventures, Inc.
Bougainville provides cannabis infrastructure and seed-to-sale services to I-502 tenant-growers leasing greenhouse facilities space and providing fully built-out, turnkey solutions and ancillary services including processing, cannabis expertise and marketing and sales resources. Greenhouse canopies provide a 50% saving in cultivation cost.
For more information please visit: http://bougainvilleinc.com/
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, CEO and Director
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.
SOURCE Bougainville Ventures Inc.
For further information: please contact Andy Jagpal at [email protected] or 1-844-734-8420