DEA-Licensed Cannabis Producer Bright Green Closes $3.5M Private Placement

Bright Green Corporation BGXX, one of the very few companies selected by the U.S. government and DEA to grow, manufacture and legally sell cannabis and cannabis-related products for research, announced the closing of its previously announced private placement of common stock and warrants on Wednesday afternoon.

Bright Green, which also released its financial results on Wednesday, sold 3,684,210 shares of common stock and warrants to purchase 3,684,210 shares of common stock, at a purchase price of $0.95 per share and accompanying warrant.

The warrants will be immediately exercisable from the date of issuance at an initial exercise price of $0.95 per share, subject to adjustments as set forth therein, and will expire five years from the date of issuance.

Gross proceeds from the private placement are expected to be approximately $3.5 million before the agent's fees and other expenses.

EF Hutton, a division of Benchmark Investments, LLC, acted as the exclusive placement agent for the offering. Bridgeway Capital Partners served as financial advisor to Bright Green on the offering.

The securities were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

Pursuant to a registration rights agreement with the investors, Bright Green has agreed to file one or more registration statements with the Securities and Exchange Commission covering the resale of the shares of common stock and the shares issuable upon exercise of the warrants.