VANCOUVER, British Columbia; December 29th, 2021 (GLOBE NEWSWIRE) – Eden Empire Inc. (CSE: EDEN) (the “Company” or “Eden Empire“) is pleased to announce that it has closed the third tranche of its previously announced C$500,000 private placement (the “Private Placement”). The third tranche consisted of 4,700,000 Units (defined below) for gross proceeds of C$235,000 (the “Third Tranche Private Placement”).
Each Unit in the Private Placement is comprised of one common share of the Company (a “Share”) at a price of C$0.05 per 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.
In connection with the Third Tranche Private Placement, the Company paid an aggregate cash finder’s fee of C$7,700 and issued 154,000 Warrants to Haywood Securities Inc.. All securities issued in connection with the Third Tranche Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.
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.
For further information or should you have any questions, please feel free to email us at [email protected].
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.