Canadian Marijuana Company Announces $500,000 Private Offering

Canadian cannabis company Shiny Health & Wellness Corp. SNYB announced a non-brokered private placement Wednesday consisting of gross proceeds of up to $500,000. Upon acceptance by the TSXV, it will close on the first tranche of the offering for gross proceeds of $225,000.

The offering comprises units of the company at a price of $0.10 per unit, for gross proceeds of up to an aggregate of $500,000.

Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the company at a price of CA$0.35 ($0.25) at any time on or before the date, which is 24 months following the closing of the offering.

The company intends to use the net proceeds of the offering for general working capital requirements, including advancing the company's cannabis line of business performance by increasing store inventory, store build-outs, plus acquisitions.

The closing of the offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. Finder's fees will be payable in accordance with the policies of the TSXV.

Closing Of The First Tranche 

Shiny Health & Wellness confirmed the closing of the first tranche of the non-brokered private placement for gross proceeds of approximately $225,000 from the sale of 2,250,000 company units at a price of $0.10 per unit. There is no finders fee to be paid on this first tranche.

Closing of the first tranche of the offering is subject to receipt of all necessary regulatory approvals including acceptance of the TSX Venture Exchange.

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