Hill Street Beverage Co (TSXV: BEER) this morning announced that it intends to complete a non-brokered private placement for gross proceeds of at least $2.5 million. The size of the offering however has not yet been finalized, with initial commitments amounting to this figure.
Under the offering, units of the company are to be sold at a price of $0.08 per unit. Each unit contains one common share and one common share purchase warrant. Each warrant is valid for a period of three years from the date of issuance, with an exercise price of $0.11 per share.
The financing is expected to close in multiple tranches, the first of which is slated to close in “early February.”
The news of the financing this morning was tucked at the bottom of a news release announcing the appointment of Jack Fraser to the role of Chairman. Fraser is a partner of BDC Capital’s Late Stage Growth Coinvest Fund, and has over 30 years worth of experience in digital media and e-commerce.
Hill Street Beverage Co last traded at $0.11 on the TSX Venture.
Information for this briefing was found via Sedar and Hill Street Beverage Company. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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