VANCOUVER, British Columbia; November 16th, 2021 (GLOBE NEWSWIRE) – Eden Empire Inc. (CSE: EDEN) (the “Company” or “Eden Empire“) has arranged a non-brokered private placement financing of Units (defined below) of the Company at a price of C$0.05 per Unit for gross proceeds of up to C$500,000 (the “Private Placement”).
Each Unit in the Private Placement is comprised of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”, and together with a Share, a “Unit”). Each Warrant entitles the holder thereof to acquire one Share of the Company at a price of C$0.10 for a period of 36 months from the date of issuance (the “Warrant Expiry Date”). If the daily volume weighted average price of the Company’s Shares on the Canadian Securities Exchange (“CSE”) is C$0.24 per share or greater for any 10 consecutive trading days during the period where the Warrants are outstanding, the Company may, by written notice to the holder or by issuing a news release, accelerate the Warrant Expiry Date of the Warrants to be 30 days following the date of such notice or news release. All Units issued in connection with the Private Placement will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities legislation.
Proceeds from the Private Placement will be used in part to fund the buildout and operation of retail cannabis stores following the acquisition of the Salmon Arm, Vernon, Kamloops and Nanaimo, British Columbia dispensary locations (see our news release dated November 9th, 2021 for additional information). The Company also expects to use these proceeds to complete the buildout for the Gastown location at 348 Water Street, in Vancouver, British Columbia, and for general working capital.
In connection with the Private Placement, the Company may pay finders’ fees and/or warrants to Haywood Securities Inc. and Leede Jones Gable Inc. in consideration for the introduction of subscribers. The closing of the Private Placement is subject to approval of the CSE.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Eden Empire Inc.
Eden Empire is in the business of investments and operations in the cannabis sector and engaging in retail cannabis sales. The Company intends to expand its retail operations in Canada as well as its business to cannabis cultivation, extraction and processing and become a fully integrated cannabis product company in the United States.
Eden Empire has an award winning and established nationwide brand, including a substantial intellectual property portfolio, and a dedicated management team with extensive cannabis industry experience.
On Behalf of the Board,
Gerry Trapasso, CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.