Eve & Co Announces Closing of $10.45 Million Bought Deal Financing
11 May 2019 - 3:50AM
Eve & Co Incorporated (“
Eve & Co” or the
“
Company”) (TSX-V: EVE; OTCQB: EEVVF) is pleased
to announce that it has closed its previously announced bought deal
private placement offering of special warrants (the
“
Special Warrants”) at a price of $0.50 per
Special Warrant for aggregate gross proceeds of $10,450,000 (the
“
Offering”). Prior to the closing of the
Offering, Haywood Securities Inc. (the
“
Underwriter”) exercised the Underwriter’s option
(the “
Option”) in part and purchased a total
of 20,900,000 Special Warrants inclusive of the Option.
Each Special Warrant will be exercisable into
one (1) unit of the Company (a “Unit”), for no
additional consideration at any time and each Special Warrant not
previously exercised shall be deemed exercised on the earlier of
(i) the fifth business day after a receipt is issued for a final
prospectus qualifying the Units for distribution in all of the
Canadian provinces in which purchasers reside (the
“Qualifying Jurisdictions”) and (ii) September 11,
2019. Each Unit consists of one (1) common share of the
Company (a “Common Share”) and one Common Share
purchase warrant (a “Warrant”). Each Warrant
entitles the holder thereof to purchase one Common Share (a
“Warrant Share”) at an exercise price of $0.60 at
any time up May 10, 2021.
The Company intends to use the net proceeds from
the Offering for greenhouse expansion and for working capital and
general corporate purposes. The Company will use commercially
reasonable efforts to prepare and file prior to June 10, 2019 a
preliminary short form prospectus in the Qualifying Jurisdictions
qualifying the distribution of the Units.
In consideration for its services, the
Underwriter was paid a cash commission equal to 7% of the gross
proceeds of the Offering and was issued an aggregate of 1,463,000
compensation special warrants (“Compensation Special
Warrants”). Each Compensation Special Warrant
is exercisable into one (1) compensation option (a
“Compensation Option”), for no additional
consideration at any time and each Compensation Special Warrant not
previously exercised shall be deemed exercised on the earlier of
(i) the fifth business day after a receipt is issued for a final
prospectus qualifying the Units for distribution in Qualifying
Jurisdictions and (ii) September 11, 2019. Each Compensation Option
entitles the holder thereof to purchase one Common Share at an
exercise price of $0.50 at any time up to May 10, 2021.
About Eve & Co
Incorporated
Eve & Co, through its wholly-owned
subsidiary Natural MedCo Ltd., holds cultivation and processing
licenses under the Cannabis Act (Canada) for the production and
sale of various cannabis products, including dried cannabis,
cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s
first female founded licensed producer of medicinal marijuana and
received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural
experts and has a licenced 220,000 sq. ft. scalable greenhouse
production facility located in Middlesex County, Ontario with 32
acres of adjacent land for future expansion. Eve & Co has
commenced construction of an additional 780,000 sq. ft. expansion,
bringing Eve & Co’s total anticipated greenhouse capacity to
1,000,000 sq. ft.
The Company’s website can be visited at
www.evecannabis.ca
Neither the TSXV nor its regulation
services provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
Certain statements in this press release
constitute forward-looking information. All statements other than
statements of historical fact contained in this press release,
including, without limitation, those regarding the use of proceeds
of the Offering and the Company’s expansion and construction plans,
future, strategy, objectives, goals and targets, and any statements
preceded by, followed by or that include the words “believe”,
“expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”,
“would”, “anticipate”, “estimate”, “forecast”, “predict”,
“project”, “seek”, “should” or similar expressions or the negative
thereof, are forward-looking statements. These statements are not
historical facts but instead represent only the Company’s
expectations, estimates and projections regarding future events.
These statements are not guarantees of future performance and
involve assumptions, risks and uncertainties that are difficult to
predict, including those described in the Company’s management’s
discussion and analysis for the fourteen month period ended
December 31, 2018 which is available on the Company’s SEDAR
profile. Therefore, actual results may differ materially from what
is expressed, implied or forecasted in such forward-looking
statements. The forward-looking information and forward-looking
statements included in this news release are made as of the date of
this news release the Company does not undertake an obligation to
publicly update such forward-looking information or forward-looking
information to reflect new information, subsequent events or
otherwise unless required by applicable securities law.
For further information, please
contact:
Melinda RomboutsPresident and Chief Executive OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
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Landon RoeddingChief Financial OfficerEve & Co
IncorporatedTelephone: (647) 473-4947 |
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