Business
RavenQuest Completes Final Tranche of Oversubscribed Private Placement
RavenQuest Completes Final Tranche of Oversubscribed Private Placement.
About this update from Ravenquest Biomed Inc
[{"type":"text","content":"\nNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS\n VANCOUVER, British Columbia, July 16, 2018 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE:RQB) (OTCQB:RVVQF) (Frankfurt:1IT) has completed its previously announced non-brokered private placement of units.  In connection with completion of the placement, the Company issued an additional 392,857 (each, a “Unit”) at a price of $0.70 per Unit, for aggregate gross proceeds of $275,000.  The aggregate total number of units placed is 11,897,794, for aggregate total gross proceeds of $8,328,455.90. “Completion of this oversubscribed financing speaks to the confidence our investors have as we move toward adult use legalization,” stated George Robinson, Chief Executive Officer of RavenQuest. “RavenQuest’s four pillar approach was designed from its inception to withstand the rigours of a competitive industry. We are confident we are about to enter an environment which will reward our carefully constructed business plan. Adult legalization brings an environment which will reward efficiency and product consistency. The most successful brands will be those companies that focus on the science of the plant. RavenQuest is well suited for this environment as we move toward October 17,” Robinson continued. Each “Unit” consists of one common share of the Company, and one common share purchase warrant (each, a “Warrant”).  Each Warrant is exercisable to acquire an additional common share of the Company at a price of $0.90 per a period of thirty-six months, subject to accelerated in the event the closing price of the Company’s common shares on the Canadian Securities Exchange is greater than $2.00 for a period of ten consecutive trading days. The proceeds of the placement will be used for advancement of the Western Agripharma and Fort McMurray facilities and general corporate purposes.  Finder’s fees of 17,500 units and 17,500 broker warrants were issued to an eligible finder.  The broker warrants are subject to the same terms and conditions as the subscribers units.  All securities issued as a ...