Pac Roots Cannabis (CSE: PACR) (OTCQB: PACRF), a company dedicated to producing premium-quality strains and products by leveraging a genetics-focused approach, has closed its previously announced nonbrokered private placement. The placement was comprised of 7,448,255 units, sold at $0.30 per share and resulting in a total of $1,340685.90. Each unit sold included one common shares and one share purchase warrant; each warrant was exercisable for $0.30 per share until February 23, 2024. Registrants received finder’s fees, equaling $75,294,41, and finder’s warrants; finder’s warrants were also exercisable into one common share at a price of $0.18 per share until February 23, 2024. The announcement noted that all securities issued as part of the private placement are subject to a four-month hold and are slated to expire on June 24, 2021. The company intends to use net proceeds from the private placement as installments payments and development activities on its 250-acre property in the Fraser Valley as well as final commissioning of the Lake Country project and brand development of its recently acquired Lords of Grasstown. The funds may also be used for general working capital. In addition, Pac Roots announced that, according to its stock option plan, a total of 400,000 stock options have also been granted.
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About Pac Roots Cannabis Corp.
Pac Roots is the future of genetics. By focusing on elite cannabis genetic development, the company maximizes the quality of its products by keeping yields and profit margins high. Pac Roots subsidizes costs with several strategic partners, including Phenome One, one of the largest live genetic libraries in Canada composed of more than 350+ live cultivars as well as its JV partnership with Rock Creek Farms and Speakeasy Cannabis Club, leveraging existing infrastructure, equipment and access to land on a 100-acre hemp project. This combination has the company positioned to be cash-flow positive within its first year of trading. For more information about the company, visit www.PacRoots.ca.
NOTE TO INVESTORS: The latest news and updates relating to Pac Roots are available in the company’s newsroom at http://ibn.fm/PACR
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