James E. Wagner Cultivation (TSXV: JWCA) has closed the first tranche of its previously announced $7.5 million financing, securing just under $1.0 million in funding. The tranche saw insiders subscribe for approximately a quarter of the total funds raised, however specific members were not named within the press release.
The financing consists of up to 35,714,285 units for total gross proceeds of up to $7.5 million, which will be used for the purpose of development of James Wagner’s second cultivation facility in Kitchener, Ontario as well as general corporate purposes. Each unit, priced at $0.21 each, consists of one common share and one half warrant, with each warrant having an exercise price of $0.275 for a period of three years from the date of issuance.
In total, the first tranche saw 4,734,284 units sold, for total gross proceeds of $994,199.64, of which insiders amounted to $239,999.76. The second tranche of the financing is expected to close by January 10, 2020.
Filings by insiders have yet to be made, thus it is unknown as this time specifically which insiders participated in the financing.
James E. Wagner Cultivation last traded at $0.27 on the TSX Venture.
Information for this analysis was found via Sedar, and James Wagner Cultivation. The author has no securities related to this organization. James Wagner Cultivation was previously a client of CanaCom Group, the parent company of The Deep Dive. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
