From GlobalNewsWire link to release March 18th 2019
VANCOUVER, British Columbia, March 18, 2019 (GLOBE NEWSWIRE) — RavenQuest BioMed Inc. (CSE: RQB OTCQB: RVVQF Frankfurt: 1IT) (the “Company” or “RavenQuest”) announces that it has a completed its previously announced non-brokered private placement of units. In connection with completion of the placement, the Company issued 3,523,832 units (each, a “Unit”) at a price of CDN $0.60 per Unit for aggregate gross proceeds of CDN $2,114,299.20.
Each Unit will consist of one common share in the equity of the Company and one half of one share purchase warrant (the “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CDN $0.80 per share for a period of two (2) years from the closing of the Financing, subject to accelerated expiry in the event the closing price of the Company’s shares is greater than CDN$1.60 for ten consecutive trading days.
The proceeds of the Financing will be used for general corporate purposes. The Company has paid a finder’s fee to qualified finders in respect to the Financing. Securities issued as a result of the Financing will be subject to a statutory hold period.
About RavenQuest BioMed Inc.
RavenQuest BioMed Inc. 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, whose combined annual production will total 11,000 kg beginning in late 2018.
RavenQuest maintains a research partnership with Montreal’s McGill University focussed upon cultivar (strain) recognition, plant stabilization and yield maximization of the cannabis plant.
The Company focusses on partnerships with Indigenous communities and has announced an MOU to construct a 250,000 square foot cannabis production facility on sovereign land of Fort McMurray First Nation #468. The facility, using RavenQuest’s revolutionary grow methodology, Orbital Garden 2.0, will produce 50,000 kg of cannabis annually.
RavenQuest has also recently announced an LOI to acquire Western Agripharma Ltd., a late stage application with a 125,000 square foot facility under construction on British Columbia’s Sunshine Coast, a short ferry ride from Vancouver, BC. Upon completion, the facility will produce 25,000 kg of cannabis annually.
On Behalf of the Board of Directors of
RAVENQUEST BIOMED INC.
Chief Executive Officer
|For further information, please contact:
|Mathieu McDonald, Corporate Communications
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.