THC Biomed Intl Ltd. (THCBF): By PR Newswire, March 01, 2019, 08:00:0...

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Saturday, 03/02/2019 5:10:51 PM

Saturday, March 02, 2019 5:10:51 PM

By PR Newswire, March 01, 2019, 08:00:00 AM EDT

THC BioMed announces the completion of an additional draw down of $500,000 pursuant to the capital commitment agreement with Alumina Partners (Ontario) Ltd. ("Alumina").

The Company issued to Alumina 1,623,377 units ("Units") at a price of $0.308 per Unit, for total proceeds of $500,000. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company for a period of 36 months from closing at a price of $0.512 per share. This private placement is being carried out in connection with the capital commitment agreement with Alumina that THC announced on August 11, 2017.

The proceeds raised through the private placement will be used for general working capital and expansion of THC's facilities.

https://www.nasdaq.com/press-release/thc-biomed-draws-down-500000-from-capital-commitment-20190301-00328