VANCOUVER, B.C. — Emerging leader in cannabis-infused beverages BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) (“BevCanna” or the “Company”) is pleased to announce that the Company has completed a $5M capital injection, including a fully-subscribed C$3.5M above market offering. 2.33M units (the “Units) were offered in the non-brokered private placement, at an offering price of $1.50 per Unit, to raise gross proceeds of C$3.5 million (the “Offering). The Company also announced that it has received C$1.5M in proceeds from the voluntary exercise of stock options.
BevCanna confirmed that this financing will replace the previously announced $5M unit offering. Due of the significant progress made on key initiatives and subsequent increase in the Company’s current share value in past months, investor demand has prompted the Board to cancel the now well below market financing at $0.50, and instead to close on a more favourable above market fully-subscribed offering of $1.50.
“We’re extremely pleased with the progress that we’ve made on our key initiatives over the past quarter, and how positively investors have responded to our growth and future outlook,” said Marcello Leone, Chief Executive Officer at BevCanna. “This vote of confidence in BevCanna’s future is allowing us to offer equity at terms favourable to both current and prospective shareholders. These funds will provide the capital for BevCanna to move ahead with our ongoing domestic and international expansion, and to continue our transformation into a comprehensive health and wellness company, offering a full range of plant-based beverage and natural health products through multiple distribution channels, in global markets.”