Business
CENTR Brands Corp. Closes Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - CENTR Brands Corp. (CSE: CNTR) (F...
About this update from Centr Brands Corp.
[{"type":"text","content":"CENTR Brands Corp. Closes Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - CENTR Brands Corp. (CSE: CNTR) (FSE: 303) (OTCQB: CNTRF) (the \"Company\") announced today that it completed the previously announced non-brokered private placement financing pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the \"Financing\") on March 3, 2023. Pursuant to the Financing, the Corporation issued an aggregate of $4,999,999.80 of units of the Company (the \"Units\") at an issue price of $0.30 per Unit.Each Unit is comprised of one common share (a \"Common Share\") and one common share purchase ‎warrant of the Company (a \"Warrant\"). Each Warrant is exercisable to acquire one common share of the Company (a \"Warrant Share\") at an exercise price of $0.50 per Warrant Share for a period of three years following the date of issue, subject to a redemption timing adjustments in certain events. If, at any time following the Closing Date, the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the \"CSE\") is greater than $0.70 per Common Share for a period of 5 consecutive trading days (the \"Triggering Event\"), the Company shall have the right to accelerate the expiry date of the Warrants to a date not less than 30 days after the later of: (i) the date that notice of such acceleration is provided to the Warrant holders; and (ii) the date of issuance of a press release disclosing the occurrence of the Triggering Event.Certain founding shareholders and insiders of the Company participated in the Financing, and subscribed for a total of 9,319,966 Units, which is a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The issuances to the insiders are exempt from the valuation and the minority shareholder approval requirements of MI 61-101. The Company did not file a material change report more than 21 days before the expected closing of the Financing as the details of the Financing and the participation therein by related parties were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.The net proceeds of the Financing will be used for gener...