West Island Completes Financing
West Island Brands Inc. has completed a non-brokered private placement financing of 2,051,282 units, raising $200,000. The financing includes common shares and warrants exercisable at $0.13 over two years. The proceeds will be used to address outstanding fees, prepare financial statements, and secure a revocation of a failure to file cease trade order. West Island is active in the Quebec cannabis sector through its subsidiary, RoyalMax Biotechnology Canada Inc. It holds various Health Canada licenses and distributes products across multiple Canadian provinces.
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Toronto, Ontario--(Newsfile Corp. - April 29, 2024) - West Island Brands Inc. (CSE: WIB) (FSE: 39N0) (OTC: WIBFF) ("West Island" or the "Company") is pleased to announce the Company has completed a non-brokered private placement financing (the "Financing") of 2,051,282 units (the "Units") at a price of
Each such Unit is composed of one (1) common share ("Common Share") in the capital of the Company and one (1) Common Share purchase warrant ("Warrant"), and each such Warrant shall be exercisable into a Common Share at an exercise price of
The net proceeds for the Financing will be used, among other things, to resolve any outstanding fees, prepare audited financial statements and pay all other costs associated with applying for a full revocation of the failure to file cease trade order ("FFCTO") which was imposed upon the Company by the OSC on May 5, 2023 for failure to file certain documents which included (i) the audited annual financial statements for the year ended December 31, 2022, (ii) the accompanying management discussion and analysis relating to the audited annual financial statements for year ended December 31, 2022, and (iii) certification in respect of the audited annual financial statements for year ended December 31, 2022, as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.
All securities issued under the Financing will be subject to a hold period of four months and one day from the date of issuance.
About West Island
West Island is a multi-faceted, innovative company in the Quebec cannabis space. Its subsidiary, RoyalMax Biotechnology Canada Inc. D.B.A West Island Culture is a Montreal, Quebec based cannabis company. A Health Canada Licence Holder West Island has standard cultivation licence, standard processing, medical sales and sales licences.
For more information on West Island Brands please visit the website at: westislandbrands.com. West Island cannabis products can be found in British Columbia, Saskatchewan, Manitoba, Yukon Territories, Northwest Territories, Ontario and Quebec.
On behalf of the Board of Directors
WEST ISLAND BRANDS INC.
Boris Ziger
Boris Ziger, CEO
The Company's public filings are available for review at www.sedarplus.com and www.thecse.com.
For further information, please contact:
Boris Ziger, CEO at:
Telephone: 416-304-9935
E-mail: info@westislandbrands.com
Website: www.westislandbrands.com
Boris Ziger, PDG de :
Téléphone : 416-304-9935
Courriel : info@westislandbrands.com
Site Web : www.westislandbrands.com
Disclaimer for Forward-Looking Information
Certain information in this press release may constitute forward-looking information. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions, and includes statements concerning the Company's intent to conduct the Financing, its belief that the proceeds will be sufficient to pay to bring its continuous disclosure record up to date, and its intent to file for a full revocation of the FFCTO, reinstatement of trading on the CSE, the ability to obtain the necessary approvals in connection with the Financing. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedarplus.com.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207310
FAQ
What financing did West Island Brands Inc. complete?
West Island Brands Inc. completed a non-brokered private placement financing.
How much money did West Island Brands Inc. raise in the financing?
West Island Brands Inc. raised up to $200,000 in the financing.
What will the proceeds from the financing be used for?
The proceeds will be used to address outstanding fees, prepare financial statements, and secure a revocation of a failure to file cease trade order.
In which Canadian provinces can West Island's cannabis products be found?
West Island's cannabis products can be found in British Columbia, Saskatchewan, Manitoba, Yukon Territories, Northwest Territories, Ontario, and Quebec.
