Xebra Brands To Secure $600K Via Private Placement, Announces Share Consolidation

Xebra Brands Ltd. XBRAF XBRA (FSE:9YC) announced a 5 to 1 share consolidation and a non-brokered private placement of up to 8 million units of Xebra priced, on a post-consolidated basis, at $0.075 per unit for gross proceeds of up to $600,000.

Each unit will be comprised of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of CA$0.1 per warrant share at any time for a period of eighteen months following the closing of the financing. It is expected that the closing of the offering will be on or about March 1st, 2023 or such other date or dates that Xebra may determine, subject to the receipt of all required regulatory approval, including acceptance of the Canadian Securities Exchange.

Xebra intends to consolidate its issued and outstanding share capital on the basis of 1 post-consolidation share for each 5 pre-consolidation common shares. Any fraction of a common share will be rounded up or down to the nearest whole number. The common shares will are expected begin trading on a consolidated basis and with a new CUSIP number on February 28, 2023, subject to the regulatory approvals, including the approval of the CSE.

As a result of the consolidation, the outstanding common shares of Xebra will be reduced to approximately 39.34 million, on a pre-offering basis. In the event the offering is fully subscribed, it is expected that Xebra will have a total of 47.34 million common shares issued and outstanding. Xebra will not be changing its name or trading symbol in connection with the consolidation.

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