Charlotte’s Web Holdings, Inc. Completes Private Placement
BOULDER, CO, Sept. 6, 2018 /CNW/ – Charlotte’s Web Holdings, Inc. (“Charlotte’s Web” or the “Company”) is pleased to announce the its previously announced, non-brokered private placement (the “Private Placement”) was completed following the close of trading on September 5, 2018. The Company issued a total of 802,246 Common Shares at at a price of C$7.00 per Common Share (“Private Placement Shares”) for total proceeds of C$5,615,722.00. The Private Placement Shares are subject to a four month hold period pursuant to Canadian securities laws. Upon closing of the Private Placement, and assuming the conversion of all Proportionate Voting Shares of the Company to Common Shares, the Company had the equivalent of 92,773,474 Common Shares issued and outstanding.
The Company intends to use the proceeds of the Private Placement for expansion of production capacity, cultivation infrastructure, research and product development, international expansion and working capital, marketing and general corporate purposes.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Private Placement Shares have not been and nor will they be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the Private Placement Shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Charlotte’s Web in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT CHARLOTTE’S WEB
The Company has been created to indirectly acquire and hold all of the capital stock in Charlotte’s Web, Inc. (“CWB”), a market leader in the production and distribution of innovative hemp-based cannabidiol (“CBD”) wellness products. CWB products are made from high quality and proprietary strains of whole-plant hemp extracts containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other minor but valuable hemp compounds. Industrial hemp products have no psychoactive effects. CWB’s current product categories include tinctures (liquid product), capsules and topical products.