Sproutly Completes First Tranche of Financing
Sproutly Canada has successfully closed the first tranche of a financing round, securing $552,500 from the issuance of 11,050,000 units at $0.05 each. Each unit comprises one common share and one warrant, allowing for the purchase of additional shares at $0.07 over two years. The funds will be used for working capital, and the placement awaits approval from the Canadian Securities Exchange. Additionally, the company paid $24,862.50 in finder's fees through unit issuance. Sproutly aims to lead in cannabis beverage ingredients.
- Successfully raised $552,500 from the first tranche of financing.
- Each unit includes warrants, potentially increasing future capital.
- Funds designated for general working capital support, aiding operational stability.
- The financing amount is relatively small compared to potential business needs.
- Dependence on regulatory approval may delay intended use of funds.
Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) (“Sproutly" or the “Company”) is pleased to announce it has closed the first tranche of a financing of up to
All securities issued in connection with the private placement are subject to a four month and a day transfer restriction from the date of issuance. The placement was completed for the purposes of supporting the Company’s general working capital. The private placement is subject to the approval of the Canadian Securities Exchange.
Under the first tranche of the private placement, in consideration for their services, the Company paid finder's fees in the amount of
About Sproutly Canada, Inc.
Sproutly’s core objective is to become the leading supplier of unique ingredients and customized formulations to the cannabis beverage and edibles market. Our natural water-soluble Infuz2O and BioNatural Oils will deliver revolutionary brands to international markets that are striving to produce diverse portfolio of differentiated consumer products. Sproutly’s business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide.
For more information on Sproutly, please visit: www.sproutly.ca.
Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or believes regarding future events of management of Sproutly. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These assumptions, risks and uncertainties include, among other things, the Company's inability to meet management's plans and expectations and the Company's inability to use the proceeds of the first tranche of the private placement as intended, changes in consumer preferences and product trends; and political, legal and regulatory uncertainty relating to cannabis products generally. In making the forward looking statements in this news release, the Company has applied several material assumptions, including, among other things, the Company will be able to use of the proceeds from the first tranche of the private placement as expected and the Company will meet management's plans and expectations. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210315005794/en/
FAQ
What was the financing amount raised by Sproutly in the recent press release?
What are the terms of the units issued by Sproutly?
What will the funds from Sproutly's financing be used for?
What is the significance of the warrants included in Sproutly's financing units?
What is Sproutly's main business focus?
