Fiore Cannabis Closes Second and Final Tranche of Private Placement – Yahoo Finance

Kelowna, British Columbia–(Newsfile Corp. – May 3, 2021) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, today announced the closing of the second and final tranche of its previously announced non-brokered private placement (the “Private Placement”) . In total, 2,093,244 units (“Units”) were issued at a price of $0.15 per Unit for gross proceeds of $313,987 with 3% coming from management and insiders.

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 Company intends to use the proceeds from the Private Placement to fund expansion projects in its Nevada and California operations, and for general working capital purposes.

The Units were 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 are 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.

Insiders of the Company acquired 63,244 Units for consideration of approximately $9,487 in the final tranche. The issuance of securities to insiders pursuant to

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