Simply Solventless Concentrates Ltd. announced that due to very strong demand, it has upsized its non-brokered private placement of units from aggregate gross proceeds of up to $500,000 to aggregate gross proceeds of up to $800,000 (the “Financing“). The Financing was previously announced in SSC’s press release dated March 28, 2024, which is available on SSC’s SEDAR+ profile at www.sedarplus.ca. All securities issued under the Financing will be subject to a hold period expiring four months and one day from the date of issue.
SSC intends to use the net proceeds of the Financing to facilitate accelerated production of its Astrolab, Frootyhooty and Lamplighter products for delivery into the Ontario and Alberta recreational cannabis markets, expansion into new markets, and for capital expenditures related to production efficiencies.
Up to 5,333,334 units (“Units“) will be issued pursuant to the Financing at a price of $0.15 per Unit, with each Unit consisting of one common share of SSC and one common share purchase warrant of SSC (a “Warrant“). Each Warrant is exercisable for one common share of SSC at a price of $0.20 per share for a period of three years from the date of issue.
It is anticipated that some of the subscribers in the Financing will be insiders of SSC. Subscriptions for Units by insiders of SSC will be considered “related party transactions” for the purposes of National Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). It is anticipated that SSC will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101.
Closing of the Financing is subject to the receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.
About Simply Solventless Concentrates Ltd.
SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC’s mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.
