Geyser Brands Closes $310,350 Private Placement
Geyser Brands closes a $310,350 private placement financing at $0.65 per Unit to fund the continuing development of its growth initiatives
June 5, 2019 – Vancouver, B.C. – Geyser Brands Inc (TSXV:GYSR) (“Geyser Brands” or the “Company”) announces that it has closed its previously announced private placement financing for a total of 477,462 units ("Units") at a price of C$0.65 per Unit for gross proceeds of C$310,350. The company is issuing this press release to correct the press release filed on Monday, June 3, 2019.
Each Unit consists of one common share of the Company and one share purchase warrant which will entitle the holder to acquire one common share of the company at C$0.85 for a period of two years from the date of issue.
The securities issued under the financing are subject to a four-month hold period expiring on October 4, 2019 pursuant to applicable securities laws and the rules of the TSX Venture Exchange.
In connection with the financing, the Company paid finders a cash commission totaling C$5,483 to Haywood Securities.
The proceeds of the financing will be used to expand the Company’s grow facility along with general working capital.
“The closing of this private placement will provide Geyser Brands with the additional capital required to move forward with rapidly expanding our operations and distribution of our brands and products in Canada and abroad,” said Andreas Thatcher, CEO.
The securities to be issued pursuant to the private placement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
ABOUT GEYSER BRANDS
Geyser Brands Inc builds health-based hemp CBD consumer products in the Nutraceutical, Cosmetics, Food & Beverage and Pet sectors world-wide. R&D investment in NanoFusion, a proprietary all-natural nanotechnology, delivers topical, cream, beverages and baked goods, oil, and tincture formulations with superior bio-availability and water-solubility.
Geyser Brands is a Health Canada approved Licensed Producer (“LP”) in Port Coquitlam, B.C. that holds a cultivation license and is anticipating its processing and sales licenses. The company is exclusively focusing on leveraging these assets to provide the regulatory infrastructure for its global brands and distribution strategy, acquiring hemp- and plant-based brands and infusing them with new CBD product lines in jurisdictions where the therapeutic ingredient is legal. The company’s proprietary NanoFusion technology surrounds oils and solves for the insolubility of CBD. Geyser Brands will utilize its 7,000 sq. ft. licensed facility in British Columbia for the manufacturing and distribution of its hemp and CBD-based products internationally.
For more information, visit Geyser Brands’ website at www.geyserbrands.com.
On Behalf of the Board of Directors
Director and CEO