TORONTO, Nov. 19, 2015 /CNW/ - GreenSpace Brands Inc. ("GreenSpace") (TSXV: JTR) is pleased to announce today that it has closed a second and final tranche (the "Second Tranche") of its previously announced private placement (the "Private Placement"), issuing 863,952 units ("Units") at a price of $1.05 per Unit for aggregate gross proceeds of approximately $907,150. This results in total gross proceeds raised under the Private Placement of $1,968,126.
Each Unit consists of one common share of GreenSpace (a "Common Share") and one quarter warrant (each full warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $1.20 for a period of 24 months from issuance.
The proceeds of the Second Tranche will be used to repay debt acquired as part of the acquisition of Love Child (Brands) Inc. and for general working capital purposes. All securities issued pursuant to the Second Tranche are subject to a hold period of four months and one day in accordance with applicable Canadian securities laws. Finders fees of up to 9%, payable in cash and warrants, were payable on certain of the subscriptions received. A total of 27,800 warrants became issuable to finders in conjunction with both tranches of the Private Placement, such warrants having the same terms and conditions as the Warrants. The Private Placement is subject to the final approval of the TSX Venture Exchange.
GreenSpace is a Canadian-based brand ideation team that develops, markets and sells premium natural food products to consumers across Canada. GreenSpace owns Rolling Meadow Dairy, Canada's first grass fed dairy product line that has built upon the founding values of Greenspace's original brand, Life Choices. Life Choices features premium convenience meat products made with grass fed and pasture raised meats without the use of added hormones and antibiotics. GreenSpace owns Holistic Choice, a premium natural pet food line and Nudge, a line of family favorite foods made better. GreenSpace also owns Love Child (Brands) Inc. a producer of 100% organic food for infants and toddlers made with the purest, natural and most nutritionally-rich ingredients. All brands are wholly owned and retail in a variety of natural and mass retail grocery locations across Canada. For more information, visit www.greenspacebrands.ca. GreenSpace's filings are also available at www.SEDAR.com.
Certain statements in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements made under the heading "Outlook" and other statements concerning the completion of the transaction, anticipated approvals, time to closing and results of the completion of the transaction. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that: (1) the transaction may not be completed for any reason whatsoever, including that regulators may not approve the transaction; and (2) GreenSpace may not achieve the results currently anticipated. Although GreenSpace believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because GreenSpace can give no assurance that such expectations will prove to be correct. Details of the risk factors relating to GreenSpace and its business are discussed under the heading "Risks and Uncertainties" in GreenSpace's annual management discussion and analysis dated August 31, 2015, a copy of which is available on GreenSpace's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by GreenSpace and described in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof and GreenSpace undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this press release is expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE GreenSpace Brands Inc.