2017-02-09 19:35 ET - News Release
Mr. Ray Grimm reports
LAGUNA BLENDS OVER SUBSCRIBES PRIVATE PLACEMENT AND CLOSES SECOND TRANCHE FOR 2,305,666 UNITS FOR TOTAL PROCEEDS OF $345,850
Laguna Blends Inc. has closed the second tranche of its non-brokered private placement. The second tranche consisted of the issuance of 2,305,666 units at a price of 15 cents per unit for gross proceeds of $345,850. The company oversubscribed the private placement for a total of 7,848,995 units for gross proceeds of $1,177,350. Each unit consists of one common share and one share purchase warrant, each warrant entitling the holder to acquire one additional common share of the company at a price of 25 cents per warrant share for a period of 12 months. The warrants are subject to an acceleration provision of the company, whereby, in the event that the company's common shares trade above 30 cents per share on the Canadian Securities Exchange for a period of 10 consecutive trading days, the warrants will terminate on the date that is 30 days following receipt of a call notice in the event the holder has not exercised the warrants by such date.
All securities issued are subject to a hold period expiring four months and one day from the date of issuance. In connection with the private placement, the company paid a cash or share finder's fee of up to 7 per cent.
About Laguna Blends Inc.
Laguna's growth strategy includes acquiring and incubating companies which formulate and or manufacture hemp products. Laguna Blends markets hemp products utilizing its B to B network along with driving traffic to its Club 8 on-line marketplace. It is Laguna's intent to provide the highest-quality hemp product experience for the end-user, utilizing a proprietary nanotechnology in many of its consumable and topical skin care products. Laguna is currently seeking joint ventures and acquisitions to expand its portfolio and will aggressively begin international expansion into Asia and Europe in 2017.
We seek Safe Harbor.