Business
Sunniva Announces Closing of Second Tranche of Convertible Debt Financing for Gross Proceeds of $3.3 Million
Sunniva Announces Closing of Second Tranche of Convertible Debt Financing for Gross Proceeds of $3.3 Million.
About this update from Sunniva Inc
[{"type":"text","content":"Not for Dissemination in the United States or for Distribution to U.S. Newswire ServicesVANCOUVER, BC / ACCESSWIRE / March 4, 2019 / Sunniva Inc. ("Sunniva", the "Company", "we", "our" or "us") (CSE: SNN) (OTCQB: SNNVF), a North American provider of cannabis products and services, is pleased to announce that it has closed the second tranche of the Company's non-brokered offering (the "Financing") of convertible debentures ("Convertible Debentures") for an additional CAD $3,288,125 million, bringing total gross proceeds raised by the Financing to CAD $18,330,180 million.As previously disclosed, this Financing provides additional working capital for Sunniva to meet higher than anticipated near term sales demand for its branded cannabis products in California and for general corporate purposes.The second tranche of the Financing included participation from employees of the Company and its subsidiaries including insiders of the Company. A finder's fee of 5% was paid to certain investment advisors for introducing certain purchasers of Convertible Debentures to the Company.The Convertible Debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Convertible Debentures in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.The Company will provide a full corporate update on its Canadian and US operations, as well as a preliminary outlook for 2019 in its 2018 fourth quarter and year-end financial release.Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.About Sunniva Inc.Sunniva, through its subsidiaries, is a vertically integrated cannabis company operating in the world's two largest cannabis markets – California and Canada. Our ability to leverage our large-scale, purpose-built cGMP designed greenhouse, offering better quality assurance w...