Business
Sugarbud Announces Private Placement, Non-Dilutive Capital Equipment Financing and Rights Offering
Sugarbud Announces Private Placement, Non-Dilutive Capital Equipment Financing and Rights ...
About this update from Sucro Limited
[{"type":"text","content":"\n\n\n\nSugarbud Announces Private Placement, Non-Dilutive Capital Equipment Financing and Rights Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Nov. 15, 2019\n\n\n\n/NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./\n CALGARY, Nov. 15, 2019 /CNW/ - Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) (\"Sugarbud\") is pleased to announce a non-brokered private placement (the \"Private Placement\") for gross proceeds of $925,000 and the execution of an agreement in respect of non-dilutive equipment financing arrangements (the \"Capital Equipment Financing\"). Sugarbud is also pleased to announce a rights offering (the \"Rights Offering\") to holders of common shares (\"Common Shares\") of Sugarbud as of November 25, 2019 (the \"Record Date\") for proceeds of up to approximately $5.2 million.\n\n \n \n\n \n\"Despite very challenging market conditions, we continue to make good progress with our overall capital financing efforts to fuel our expansion and strengthen our balance sheet, stated Sugarbud CEO, John Kondrosky. We remain mindful of overall shareholder value and continue to approach our capital funding requirements in a measured and balanced manner. Combined with a strong insider lead Private Placement, significant non-dilutive Capital Equipment Financing and the planned Rights Offering, Sugarbud is well positioned to drive meaningful progress and sustainable growth heading into 2020\", added Mr. Kondrosky.\nPursuant to the Private Placement, Sugarbud will issue 18,500,000 units (\"Units\") of Sugarbud at a price of $0.05 per Unit, for total proceeds of $925,000. Each Unit will be comprised of one Common Share and one Common Share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.10 for a period of two years from the date of issuance, subject to early expiry in the event that the 5-day volume weighted average trading price of the Commo...