Tuesday, December 03, 2019 10:05:00 AM
2019-11-26 20:44 ET - News Release
Mr. Jeffrey Ciachurski reports
CAPTIVA VERDE LAND CORP. CLOSES NON-BROKERED PRIVATE PLACEMENT OF UNITS, SHARES FOR SERVICES AND LAND ACQUISITION
Captiva Verde Land Corp., further to its news release dated July 23, 2019, has closed its non-brokered private placement, consisting of 9,474,000 units at a price of 25 cents per unit for total gross proceeds of $2,368,500. Each unit comprises one common share of the company and one common share purchase warrant of the company. Each warrant is exercisable into a common share of the company at an exercise price of 75 cents for a period of one year. The proceeds of the private placement are to be used for land acquisition, initial infrastructure buildout and production assets to support the planned outdoor cannabis outdoor grow initiatives for the 2020 grow season in New Brunswick and the associated Health Canada licence.
The company has entered into and closed the purchase of a strategic five-acre land parcel (formerly owned by the government) located adjacent the company's existing 1,000-home subdivision in Tehachapi in California, called the Sage Rach project. As consideration for the property acquisition, the company issued the vendor an aggregate of two million common shares of the company at a deemed price of 25 cents per share. In addition, the company also issued an aggregate of 1,284,299 common shares at a price of 25 cents per share in payment of professional legal services with an arm's-length service provider.
All securities issued under the private placement, the property acquisition and the share-for-service transaction are subject to a four-month hold period expiring on March 29, 2020.
All references to currency in this news release are to Canadian currency.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved
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