RavenQuest Boosts Financing to $26.3 Million

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RavenQuest Completes Final Tranche of Financing

VANCOUVER, British Columbia, March 13, 2018 (GLOBE NEWSWIRE) — RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE:RQB) has completed the final tranche of its previously-announced brokered private placement (the “Brokered Placement”) of units (each, a “Unit”) and convertible debenture units of the Company, with Haywood Securities Inc. acting as lead agent. In connection with completion of this final tranche of the Brokered Placement, the Company issued 1,440,000 Units at a price of $1.25 per Unit. When combined with the earlier tranche of the Brokered Placement, and a concurrent non-brokered private placement, the aggregate gross proceeds to the Company was $26,329,125.

The market has shown tremendous confidence in our ability to execute on our strategic vision. Both segments of this financing combined for an oversubscription of 50% from our initially stated financing amount.

RavenQuest CEO, George Robinson

It’s exciting to look forward to eleven million grams of fully funded capacity expansion by later this year, ramping up our growth trajectory dramatically. We believe this transaction represents the beginning an exciting year for RavenQuest as we move toward federally legal adult recreational cannabis this summer.

Each “Unit” consists of one common share of the Company, and one common share purchase warrant (each, a “Warrant”). Each Warrant is exercisable to acquire an additional common share of the Company at a price of $1.50 per share for a period of twenty-four months, subject to acceleration in the event that the closing price of the Company’s common shares on the Canadian Securities Exchange is greater than $2.75 for a period of ten consecutive trading days.

In connection with this final tranche of the Brokered Placement, the Company paid a commission of $144,000, which was satisfied through the issuance of 115,200 Units at a deemed price of $1.25 per Unit, and issued 115,200 compensation options (each, a “Compensation Option”). Each Compensation Option entitles the holder to acquire a common share of the Company at a price per common share of $1.25 for a period of twenty-four months from the date of issuance.

All securities issued in connection with the Brokered Private Placement are subject to a statutory four-month-and-one-day hold period, in accordance with applicable securities legislation.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About RavenQuest BioMed Inc.

Ravenquest Biomed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services and consulting and specialized research and development.

Original Press Release

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