Always Be Closing – Sunniva Closes $6M Private Placement

Sunniva announces that it has closed the second tranche of the Company's non-brokered private placement of USD $6,000,000 for a total of 6,000,000 units of the Company.

VANCOUVER, British Columbia, Oct. 15, 2019 /CNW/ — Sunniva Inc. ("Sunniva", the "Company", "we", "our" or "us") (CSE: SNN) (OTCQB: SNNVF), a North American provider of cannabis products and services, announces that it has closed the second tranche of the Company's non-brokered private placement (the Offering"), previously announced on August 28, 2019, of USD $6,000,000 for a total of 6,000,000 units of the Company ("Units") bringing total gross proceeds raised by the Offering to USD $7,500,000 for a total of 7,500,000 Units.

Each Unit consists of a principal amount of unsecured promissory notes of the Company ("Promissory Notes") and common share purchase warrants of the Company ("Warrants").

(PRNewsfoto/Sunniva Inc.)

Proceeds of the Offering will be used towards the payment of capital costs at the Sunniva California Campus, including payments to the Sunniva Production Campus, LLC, working capital for operations in California, and general corporate purposes.

The Units issued under the Offering have the following terms:

Promissory Notes

• Maturity:18 months from the closing date.
• Interest Rate:10% (annual rate).

Warrants

• Number of Warrants:1.11 Warrants per Unit (each Warrant entitles the holder to acquire one common share of the Company at the Warrant Exercise Price).
• Warrant Exercise Price:USD $0.90 (CAD $1.20) per Warrant.
• Warrant Term:24 months from closing.

The Promissory Notes and Warrants have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Promissory Notes or Warrants in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Disclaimer: Past performance is not an indicator of future performance.

Disclaimer: past performance is not an indicator of future performance

About Sunniva, Inc.

Sunniva, through its subsidiaries, is building a vertically integrated cannabis company operating in two of the world's largest legal cannabis markets – California and Canada. In Canada, Sunniva's wholly owned subsidiary Natural Health Services Ltd. operates medical cannabis clinics that provide educational and clinical services to patients. In California, Sunniva is focused on creating sustainable premium cannabis brands supported by our large-scale, purpose-built cGMP designed greenhouse, extraction facility and our in-house marketing and distribution businesses. We offer a steadfast commitment to safety and quality assurance providing cannabis products free from pesticides, which positions Sunniva in California as a leading provider of safe, high quality, reproducible products at scale.

Get the Latest Marijuana News &
Content in your Inbox!

All your support helps The Green Fund keep writing content for all you
marijuana enthusiasts and potential pot stock investors

Louis O'Neill
Louis O'Neill

Louis is a writer based in Sydney with a focus on social and political issues. Having interviewed local politicians and entrepreneurs, Louis now focuses on cannabis culture, legislation & reform.

Leave a Reply

Your email address will not be published. Required fields are marked *