VANCOUVER, British Columbia, July 16, 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 an additional 392,857 (each, a “Unit”) at a price of $0.70 per Unit, for aggregate gross proceeds of $275,000. The aggregate total number of units placed is 11,897,794, for aggregate total gross proceeds of $8,328,455.90.
Completion of this oversubscribed financing speaks to the confidence our investors have as we move toward adult use legalization. RavenQuest’s four pillar approach was designed from its inception to withstand the rigours of a competitive industry.
George Robinson, Chief Executive Officer of RavenQuest
We are confident we are about to enter an environment which will reward our carefully constructed business plan. Adult legalization brings an environment which will reward efficiency and product consistency. The most successful brands will be those companies that focus on the science of the plant. RavenQuest is well suited for this environment as we move toward October 17.
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 17,500 units and 17,500 broker warrants were issued to an eligible finder. 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.