OTTAWA, Sept. 6, 2018 /CNW Telbec/ - LiveWell Canada Inc. ("LiveWell" or the "Company"), (TSXV: LVWL), announces that it has closed a non-brokered private placement of 3,992,000 units at a price of CAD$1.25 per Unit (the "Issue Price") for total gross proceeds of $4,990,000.
Each Unit will consist of one common share of the Company (a "Common Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant shall be exercisable into one Common Share at a price of $1.50 per Warrant for a period of 24 months from the date of closing. If the volume weighted average price of the Common Shares on the TSX Venture Exchange is equal to or greater than $2.00 for any 10 consecutive trading days, the Company may accelerate the expiry date of the Warrants to the date that is 180 days following the date of such written notice.
The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.
All securities issued will be subject to a four month hold period. A total of $141,000 in finder fees is payable under this Offering.
About LiveWell Canada
LiveWell Canada Inc. (TSX-V:LVWL) is an innovative Canadian company planning to become a leader in a new approach to health and wellness by conducting advanced studies on cannabidiol (CBD) and other cannabinoids in its world-class Research and Innovation Centre located in Litchfield, Québec. The company's mission also includes developing and distributing prescription and consumer health products. With more than 1.5 million square feet of greenhouses under construction located in Ontario and Québec, the company is supported by renowned academic and business partners such as Canopy Growth (TSX:WEED, NYSE:CGC) and Canopy Rivers. For more information, visit livewellcorp.com
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements about the Company and its business. Often, but not always, forward-looking statements can be identified by the use of words such as "plan", "continue", "expect", "schedule", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements (including negative variations) that certain events or conditions "may" or "will" occur. Such statements are based on the current expectations of management. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of unknown and known risk factors and uncertainties affecting the Company, including risks regarding the cannabis and hemp industry, economic factors, the equity markets and risks associated with growth and competition. The Company cautions that this foregoing list of material factors is not exhaustive, and readers are encouraged to read all Risk Factors disclosed in the Company's Filing Statement dated May 29, 2018.
The forward-looking information contained in this press release represents expectations of the Company as of the date of this press release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For more information, visit livewellcorp.com
SOURCE LiveWell Canada Inc.
For further information: Media: Sonya Lord, 866 308-1518, [email protected]; Stéphane Prud'homme, 514 756-9044, [email protected]; Investors: Nicole Marchand, 416-428-3533, [email protected]; Company: David Rendimonti, President; Steven Archambault, Chief Financial Officer