RavenQuest Completes Oversubscribed Private Placement
VANCOUVER, British Columbia, July 13, 2018 (GLOBE NEWSWIRE) — RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB, OTCQB: RVVQF, Frankfurt: 1IT) has completed its previously announced non-brokered private placement of units. In connection with completion of the placement, the Company issued 11,504,937 units (each, a “Unit”) at a price of $0.70 per Unit, for aggregate gross proceeds of $8,053,455.90.
We are thrilled to see that the offering was oversubscribed, demonstrating the high-level of confidence that the market has in our Company’s unique combination of innovation, strategic vision and execution. Having successfully unveiled our Orbital Garden grow-methodology to the marketplace and announced an MOU to sell all of our Bloomera production to BCLDB, we feel we have significantly de-risked our story, representing a tremendous opportunity for our shareholders.
George Robinson, Chief Executive Officer of RavenQuest
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 $0.90 per a period of thirty-six months, subject to accelerated in the event the closing price of the Company’s common shares on the Canadian Securities Exchange is greater than $2.00 for a period of ten consecutive trading days.
The proceeds of the placement will be used for advancement of the Western Agripharma and Fort McMurray facilities and general corporate purposes. Finder’s fees of $29,183, 460,540 units and 502,330 broker warrants, were paid/issued to eligible finders. The broker warrants are subject to the same terms and conditions as the subscribers units. All securities issued as a result of the placement are subject to a statutory hold period.
About RavenQuest BioMed Inc.
RavenQuest is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development. RavenQuest is a licensed producer with facilities located in Markham, Ontario and Edmonton, Alberta. RavenQuest maintains a research partnership with Montreal’s McGill University focused upon cultivar (strain) recognition, plant stabilization and yield maximization of the cannabis plant.
The Company focuses on partnerships with Indigenous communities and entered into an MOU to construct a cannabis production facility on sovereign land of Fort McMurray First Nation #468. RavenQuest has also recently entered into an LOI to pursue the acquisition of Western Agripharma Ltd., a late stage application with a production facility under construction on British Columbia’s sunshine coast.