AREV Brands International Ltd. (CSE: AREV), is pleased to announce Colin Job has been appointed as Chief Operations Officer (“COO”) of the Company and the Company has closed a private placement.
The Company has issued 833,340 units (each, a “Unit”), at a price of $0.30 per Unit, for gross proceeds of up to $250,002. Each Unit is comprised of one common share (the “Shares”) of the Company and one common share purchase warrant (each whole one, the “Warrants”) and with each Warrant being exercisable at $0.50 per Warrant Share. Subject to adjustment in certain events, each whole Warrant entitles the holder thereof to purchase one additional common share (the “Warrant Shares”) of the Company at any time on or before 5:00 p.m. (Vancouver time) on the date that is 12 months from the date of issuance of the Warrants; except that, if over a period of 10 consecutive trading days between the date that is 4 months and a day from the date of issuance of the Warrants and the date that the Warrants would otherwise expire, the closing price of the Company’s common shares on the Canadian Securities Exchange (or such other stock exchange where the majority of the trading volume for the Company’s common shares occurs) is at or exceeds $0.60, then the Company may, at its option, provide written notice to the warrant holders to exercise their Warrants within 30 days of the date of the notice, failing which the Warrants will expire (the “Exercise Period”).
The funds will be used for general working capital, product development and distribution.
The shares and warrants issued in the placement will be subject to a four-month “hold-period” under applicable Canadian securities legislation expiring on September 7, 2019.
Insiders of the Corporation purchased a total of 500,000 Units under the Private Placement, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider participation. No new insiders and no control persons were created in connection with the Private Placement.
For further information, contact Mike Withrow, mike@AREVBrands.com 778-379-8551.
On behalf of the Board,
CEO & Director
About AREV Brands International Ltd.
AREV Brands International Ltd. (“AREV”) produces and delivers functional compounds and ingredients from its world-class extraction systems. AREV is revolutionizing the current delivery method of terpenes, cannabinoids and flavonoids. These premium ingredients and formulations are used in products targeted for sale in the natural health, medical, functional food, nutraceutical, sport nutrition and bioceutical markets. AREV innovates through extraction to produce extracts from specific selected plant and exude from trees that address 5 areas of health including Anxiety, Pain Management, Insomnia, Central Nervous System Disorders & Libido.