Kelowna, British Columbia–(Newsfile Corp. – April 1, 2021) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today announced a non-brokered private placement financing of up to 4,000,000 units (“Units”) at a price of $0.15 per Unit for gross proceeds of $600,000. The private placement is expected to close on or about April 9, 2021.
Each Unit in the private placement is comprised of one common share and one share purchase warrant. Each warrant is exercisable into one common share at an exercise price of $0.22 for a period of eighteen (18) months from the date of issuance. The warrants are subject to an accelerated expiry date if the trading price of the Company’s common shares closes at or above $0.50 per share for a period of ten (10) consecutive trading days.
The Units will be offered and sold by private placement in Canada to “accredited investors” within the meaning of National Instrument 45-106 – Prospectus Exemptions and other exempt purchasers in each province of Canada, and may be sold outside of Canada on a basis which does not require the qualification or registration of any of the common shares or the warrants comprising the Units in the subscriber’s jurisdiction. The securities issued in the private placement will be subject to applicable hold periods imposed under applicable securities legislation, including a hold period of four (4) months and one day from the date of issuance.
The Company intends to use the proceeds from the private placement to fund expansion projects immediately in the Company’s Nevada and California operations and for general working capital purposes.
“All of us at Fiore are excited about the future of our company. We continue to receive strong investor support for the company’s