Spyder Cannabis Completes Funding for Private Placement
Vaughan, Ontario – (Newsfile Corp. – April 1, 2021) – Spyder Cannabis Inc. (TSXV: SPDR) (“Spyder“or the”Society“), an established Canadian cannabis and vaping retailer, is pleased to announce that the Company has completed its previously disclosed non-brokered private placement offering of 14,814,815 units (“Units“) at a price of $ 0.0675 per Unit for gross proceeds of approximately $ 1,000,000 (the”Offer“), each unit being composed of one ordinary share (each, a”Ordinary share“) and one common share purchase warrant (each, a”To guarantee“). Each warrant entitles its holder to purchase one common share (each, a”Warrant share“) at a price of $ 0.135 per warrant share at any time before the earlier of the following dates: (i) April 1, 2023; or (ii) where the closing price of the common shares at the TSX Venture Exchange (“TSXV“) is at least $ 0.20 for a minimum of 10 consecutive trading days, the Company may provide written notice to holders of warrants requiring them to exercise such warrants within 30 days of the date of issue such written notice.
In connection with the placement, the Company paid finder’s fees in the amount of $ 16,650 to Canaccord Genuity Corp. and $ 4,050 to PI Financial Corp. No securities were issued as compensation in connection with the offering.
All common shares and warrants issued in connection with the offering are subject to a legal hold period of four months plus one day from the date of issue in accordance with applicable securities laws and securities policies. the TSXV.
As reported in its press release dated March 31, 2021, the Company has completed the acquisition of the entities that collectively constitute the business of 180 Smoke (“180 Smoke“) on March 30, 2021. The net proceeds of the Offering will be used extensively for payroll, inventory, leasing and debt repayment associated with the entities that collectively constitute the business of 180 Smoke.
About Spyder Cannabis Inc.
Spyder is a cannabis and vape retailer that operates in jurisdictions where the products are federally legal in Canada. The Company, through its subsidiaries, is a retailer involved in the development of two retail business units. The first is the sale of cannabis products and the second is the sale of smoking cessation products.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance of the Company. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “may”, “may”, “planned”, “estimated” “And similar expressions and statements relating to matters which are not historical facts are intended to identify forward-looking information and are based on the current belief or assumptions of the company as to the outcome and timing of such future events . Actual future results may differ materially. In particular, this press release contains forward-looking information relating to the activities of the Company. Various assumptions or factors are generally applied in drawing conclusions or making the forecasts or projections set forth in forward-looking information. These assumptions and factors are based on information currently available to the parties. Material factors and assumptions include regulatory and other third party approvals, licensing, completion of the Acquisition, management of Spyder’s election to proceed with the Offer on the terms and conditions described in this release, and Spyder’s ability to gain approval from the TSX Venture Exchange Offer, and other risks. The forward-looking information contained in this press release is made as of the date hereof and the parties are under no obligation to update or revise the forward-looking information, whether as a result of new information, future events or otherwise, except if required by securities laws. Due to the risks, uncertainties and assumptions contained in this document, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained in this document.
For more information, please contact:
Spyder Cannabis Inc.
President and CEO
E: corporate[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79280