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James E. Wagner Cultivation Announces Closing of Third Tranche and Extension of its up to $7,500,000 Private Placement
James E. Wagner Cultivation Announces Closing of Third Tranche and Extension of its up to $7,500,000 Private Placement.
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\n KITCHENER, Ontario, Jan. 31, 2020 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA; OTCQX: JWCAF), is pleased to announce that it has closed the third tranche (the “Third Tranche”) of its previously announced non-brokered private placement of units (each, a “Unit”) of the Corporation (the “Offering”). Upon closing of the Third Tranche, the Corporation issued a total of 1,570,000 Units at a purchase price of $0.21 per Unit, to raise gross proceeds of $329,700.00. Each Unit is comprised of one common share of the Corporation (a “Common Share”) and one half of one common share purchase warrant (each full warrant, a “Warrant”). Each Warrant will be exercisable to purchase one Common Share at an exercise price of $0.275 per share for a period of three (3) years following the date of issuance.  The Units issued under the Third Tranche, will be restricted from trading for four months from the date of issuance. In connection with closing of the Third Tranche, the Corporation paid a cash finders' fees to certain finders in an amount of $17,713.50, such amount being equal to 7% of the gross proceeds received from the sale of Units by such finders.  Certain insiders of the Corporation participated in the Third Tranche for a total of $50,400.00 worth of Units. Participation by those persons constitutes a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance of Units to the related parties is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and exempt from the minority shareholder approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101. The Third Tranche is part of a larger offering being conducted by the Corporation for up to 35,714,285 Units to raise aggregate gross proceeds of up to $7,500,000. The Corporation has received consent from the TSX Venture Exchange to extend the Offering as it continues to work towards a final closing. The Corporation expects to close the final tranche of the Offering on or about February 7, 2020. The Corporation intends to use...