LiveWell Canada Inc. (TSX-V: 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 for total gross proceeds of $4,990,000.
Each Unit will consist of one common share of the Company and one common share purchase warrant of the Company. 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. is an innovative Canadian company planning to become a leader in a new approach to health and wellness by conducting advanced studies on cannabidiol 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.
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