Canadian cannabis beverage company CENTR Brands Corp has announced the completion of a $3.5 million private financing round after completing a non-brokered refinancing. Specifically, the corporation issued a total of 4,554,643.60 units of the company at an issue price of $0.65 per unit. Each share is comprised of one common share and one common share purchase certificate of the company.
Each Warrant is exercisable to acquire one share of the Company’s common stock at an exercise price of $1.50 per Warrant share for a period of three years. Certain founding shareholders and company insiders participated in the purchase of shares and subscribed to a total of 3,128 shares. 640 units, which is considered a “related party transaction”.
The company did not file a change report, although a new private placement closing on similar terms is expected to be completed in the coming weeks. The net proceeds will be used for growth-oriented production, continued expansion of the recently launched online channel, new product innovation and general working capital.
CENTR Brands Corp is one of North America’s leading functional beverage companies and manufacturer of the number one selling CBD beverage brand in the United States. In addition, CENTR develops and markets alcohol-free functional ingestibles for the global market.
