Xebra Brands Ltd. (OTCQB:XBRAF) (CSE:XBRA) (FSE:9YC) has closed its non-brokered private placement previously announced on February 25, 2022. The private placement was oversubscribed by 50%.
The private placement raised gross proceeds of CA$1.8 million ($1.43 million) through the issuance of 15 million units at a price of CA$0.12 per unit. Each unit is comprised of one common share of Xebra, and a half warrant. Each full warrant entitles the holder, on exercise, to purchase one share at a price of C$0.25 for a period of 12 months from the closing date of the private placement. An aggregate of 257,063 shares, 504,560 warrants and CA$60,547 will be paid in finders' fees. The securities issued in the private placement are subject to a hold period expiring on August 9, 2022.
Xebra intends to use the proceeds of the private placement for general working capital purposes.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. State Securities Act and applicable U.S. state securities laws.
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