A Word to Shareholders
VANCOUVER, British Columbia; May 14, 2021 (GLOBE NEWSWIRE) - Eden Empire Inc. (CSE: EDEN) (the "Company" or "EDENTM") is pleased to announce that it has closed the final tranches (the “Final Tranches”) of its previously announced private placement (the “Private Placement”) and, accordingly, the Private Placement is now complete. As a result of the Final Tranches, the Private Placement was over-subscribed with the Company raising an aggregate gross proceeds of $1,034,048.
The Final Tranches consisted of 3,741,733 units (“Units”), comprised of common shares of the Company (“Common Shares”) and warrants to purchase Common Shares (“Warrants”), for a gross proceeds of $449,008. Each Unit consists of one Common Share at a price of $0.12 per share and one Warrant exercisable at $0.20 per share for a period of 24 months from the date of issuance (the “Warrant Expiry Date”). If the volume weighted average price of the Common Shares on the Canadian Securities Exchange (“CSE”) is $0.40 per share or greater for any ten consecutive trading days during the period where the Warrants are outstanding, the Company may, by written notice to the holder or by issuing a news release, accelerate the Warrant Expiry Date of the Warrants to be 30 days following the date of such notice or news release.
In connection with the closing the Final Tranches, the Company paid an aggregate cash finder’s fee of $14,400 and issued 120,000 Warrants to Canaccord Genuity Corp. All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
CSE Investor Series Showcase
Additionally, the Company is pleased to announced that it has been recognized by the CSE, specifically as it relates to EDEN’s unique branding capability, in the CSE’s most recent addition of Cannabis Investor News.
“Being recognized on the Cannabis Culture and Capital Markets Series shows the EDENTM brand is growing in popularity within the community,” said CEO, Gerry Trapasso. “With US federal legalization anticipated, we believe our strong branding will give us a momentous advantage as EDEN gets closer to opening its first dispensaries in the US.”
For further information or should you have any questions, please feel free to email us at firstname.lastname@example.org.
Gerry Trapasso, CEO
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