Proceeds will fund recently acquired Stellarton-based production plant
By Devika Patel
Knoxville, Tenn., April 16 - Vida Cannabis Corp. said it completed a $2.5 million oversubscribed private placement of stock. The deal priced for $1.5 million.
The company sold 10 million common shares at $0.25 each.
Proceeds will be used to advance subsidiary Vida Cannabis (Canada) Ltd.'s efforts to obtain a commercial producer license under the Marijuana for Medical Purposes Regulations. In particular, the proceeds will be used for capital expenditures including improvements to the recently acquired Stellarton-based production plant, retaining key personnel and establishing operational infrastructure, and for general working capital purposes.
Vida Cannabis is based in Toronto. The private company is focused on developing a dominant production footprint in the global marketplace for the legal use of medicinal and recreational marijuana.
| Issuer: | Vida Cannabis Corp.
|
| Issue: | Common shares
|
| Amount: | $2.5 million
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| Shares: | 10 million
|
| Price: | $0.25
|
| Warrants: | No
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| Settlement date: | April 16
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