/NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, March 13, 2017 /CNW/ - PUF Ventures Inc. ("PUF" or the "Company") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF) is pleased to announce that it has completed a non‑brokered private placement of 7,656,500 units issued at a price of $0.25 per unit, raising gross proceeds of $1,914,125. Each unit consists of one common share and one transferable common share purchase warrant, with each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.40 per common share for two years from the date of issuance.
The Company paid finder's fees of 6% cash and 6% finder's warrants to Echelon Wealth Partners Inc. and Fairwater Consulting Limited. The finder's warrants were issued on the same terms as the unit warrants.
The net proceeds of the private placement will be used for completion of the Company's AAA Heidelberg ACMPR license application, expansion of the VapeTronix portfolio and associated technologies, and for general working capital.
Derek Ivany, President and CEO of the Company stated, "We are extremely pleased with the overwhelming support from the investment community in completing this oversubscribed financing. Further, over the past several weeks, we have been fortunate to receive proceeds from the exercise of warrants that add an additional $438,285 to the treasury. Combined, this working capital puts PUF in a very strong financial position from which to continue executing on our plan of becoming a successful ACMPR licensed grower."
About PUF Ventures Inc.
PUF Ventures is moving into the biomedical cannabis sector by purchasing a 100-per-cent interest in AAA Heidelberg, a private Ontario company that is currently in Stage 5 of 7 in its application for an ACMPR (access to cannabis for medical purposes regulations) license. VapeTronix, a subsidiary of the company, is in the process of expanding its 1313 brand of electronic cigarettes, marijuana vape delivery devices and associated technologies.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
SOURCE PUF Ventures
For further information: Tim McNulty, Phone: 1 (800) 783 - 6056 Ext. 3, Email: [email protected]