Simply Solventless Concentrates Ltd. has closed its previously announced oversubscribed non-brokered private placement of units (“Units“) for net proceeds of $800,000 (the “Financing“), including approximately $100,000 of proceeds from insiders. SSC is also pleased to announce the launch of products into the Saskatchewan recreational market.
Jeff Swainson, President & CEO of SSC, stated: “We would like to thank the Financing participants for their belief in SSC, resulting in an oversubscribed Financing. We expect this capital will fuel profitable revenue growth in both existing and new markets, and we are excited about our prospects built on the foundation of compelling brands, tenacious work ethic, and a debt free balance sheet.”
Oversubscribed $800,000 Unit Financing
A total of 5,333,334 Units were issued at a price of $0.15 per Unit with each Unit consisting of one common share 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 hereof. All securities issued under the Financing are subject to a hold period expiring four months and one day from the date of issue.
666,899 Units for net proceeds of approximately $100,000 were purchased by insiders of SSC. SSC intends to use the 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.
The Financing was previously announced in SSC’s press releases dated March 28, 2024 and April 8, 2024, which are available on SSC’s SEDAR+ profile at www.sedarplus.ca. Units acquired by insiders are considered “related party transactions” for the purposes of National Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). SSC was 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. The Financing is subject to the final approval by the TSXV.
Saskatchewan Product Launch
SSC is pleased to have received a purchase order and will be launching products from it’s Astrolab, Frootyhooty and Lamplighter brands into the Saskatchewan recreational cannabis market in April and May 2024.
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.
