WKND! Announces Closing of Private Placement

Rhea-AI Summary

Weekend Unlimited Industries Inc. has successfully closed a non-brokered private placement, issuing 8,818,001 units priced at CDN $0.17 per unit, raising gross proceeds of CDN $1,499,060. Each unit includes a share purchase warrant, allowing the purchase of additional shares at CDN $0.23 over two years. Insiders participated with 376,000 units, comprising 4.26% of the offering. The company paid finder’s fees of CDN $50,728 and issued 298,400 warrants. The company focuses on recreational and medicinal cannabis and CBD wellness products.

Positive

• Raised gross proceeds of CDN $1,499,060 through a private placement.
• Insider participation indicates confidence in the company's future.

Negative

• The issuance of units may lead to potential shareholder dilution.
• The reliance on future financial performance and strategic plans introduces uncertainty.

VANCOUVER, BC / ACCESSWIRE / February 22, 2021 / Weekend Unlimited Industries Inc. ("Weekend" or the "Company") (CSE:POT)(FSE:0OS2)(OTCQB:WKULF) is pleased to announce that it has closed a non-brokered private placement (the "Offering") of 8,818,001 units at a price of CDN $0.17 per Unit, raising gross proceeds of CDN$1,499,060. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase an additional common share for CDN$0.23 for a period of 2 years from the issue date. All of the securities issuable in connection with the private placement will be subject to a hold period expiring four months and one day after date of issuance.

Insiders participation in the offering was for an aggregate amount of CDN $63,915.95 comprising 376,000 Units representing 4.26% of the offering. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The related party transaction is exempt from minority approval and valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued under the Offering nor the consideration to be paid by the insiders exceeds 25% of the Company's market capitalization.

In connection with the closing of the private placement, the Company paid finder's fees of $50,728 in cash and issued 298,400 finder's warrants. The finder's warrants hold the same terms of the warrants issued as part of the Units.

For further information, please contact:

Mr. Charlie Lamb, President & CEO, Director
Telephone: 1(236) 317-2812 - Toll free 1(888) 556-9656
E-mail: IR@weekendunlimited.com

About Weekend Unlimited Industries Inc.

Weekend Unlimited is a lifestyle-based recreational and medicinal cannabis and CBD wellness company. We are developing and launching premium cannabis and CBD brands to deliver life's highs - any- time, anywhere. Our CBD products are available online and at a retailer near you. Weekend Unlimited is well-positioned to launch and scale the brands that will define cannabis and CBD. Learn more at www.weekendunlimited.com

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.

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE: Weekend Unlimited Industries Inc.

View source version on accesswire.com:
https://www.accesswire.com/631266/WKND-Announces-Closing-of-Private-Placement

FAQ

What was the amount raised by Weekend Unlimited Industries Inc. in the recent private placement?

Weekend Unlimited raised gross proceeds of CDN $1,499,060 in its recent private placement.

What is the price per unit in the private placement by Weekend Unlimited?

The price per unit in the private placement was CDN $0.17.

How many units were issued in the private placement by Weekend Unlimited?

A total of 8,818,001 units were issued in the private placement.

What is the warrant exercise price for the shares issued in the private placement?

The warrant exercise price for the shares is CDN $0.23.

What is the duration for which the warrants can be exercised after the issuance?

The warrants can be exercised for a period of two years from the issue date.