City View Green Holdings Inc. Secures Funding for Expansion
City View Green Holdings Inc. Plans Funding Through Private Placement
Canadian cannabis edibles company City View Green Holdings Inc. (CSE: CVGR, OTC: CVGRF) is embarking on an exciting journey to raise funds. They recently announced a plan to secure gross proceeds of up to CA$1 million (approximately $730,000) by offering a non-brokered private placement. This initiative involves the issuance of up to 100 million units priced at CA$0.01 each.
Understanding the Private Placement Structure
Each unit under this private placement will consist of one common share and half a warrant. These warrants allow investors to purchase a full share at CA$0.05, valid for three years post-issuance. Significantly, should the average closing price of City View Green's shares on the CSE reach or exceed CA$0.055 for ten consecutive trading days starting one year after closing, the company retains the right to reduce the warrant’s expiry to just 30 days.
Utilization of Funds
City View Green intends to allocate the proceeds from this placement for general working capital, ensuring they have sufficient resources to enhance their operations andExpand their market presence.
Regulatory Approvals and Compliance
This private placement is conditional upon regulatory approvals. Furthermore, the company will pay finder fees to eligible finders as required by applicable securities laws and CSE policies. Additionally, the securities acquired through this placement will undergo a hold period of four months and one day, in alignment with Canadian regulations.
Marketing Efforts for Greater Reach
In a step towards enhancing its reach, City View Green has entered into a marketing and consulting agreement with an external firm, Outside The Box Capital Inc., based in Ontario. Through this partnership, they aim to improve their marketing and investor relations efforts, which include developing a robust social media presence and distributing information through various online platforms. For this, the company will compensate OTBC $25,000 each month over a three-month term, totaling up to $75,000.
Recent Company Developments
Back in April, City View Green made headlines by exiting the retail cannabis space through their ownership in Budd Hutt, relinquishing its last two licenses and ceasing operations in Alberta. Following this, the company announced a strategic review to address issues stemming from a working capital deficiency of nearly CA$3.9 million and an accumulated deficit of CA$44 million. Notably, the company has yet to report any revenue from its edibles segment, marking a critical period of transition.
Current Market Performance
As it stands, City View Green shares closed last Friday's market session stable at $0.0051 per share. This reflects the company’s cautious approach during this transitional phase.
Frequently Asked Questions
What is City View Green Holdings Inc.?
City View Green Holdings Inc. is a Canadian company focusing on the cannabis edibles market, aiming to innovate and expand its product offerings.
How much money does the company plan to raise?
The company aims to raise up to CA$1 million (approximately $730,000) through a non-brokered private placement.
What are the terms of the private placement?
Under the terms, each unit consists of one share and half a warrant at CA$0.01 each, with a possible purchase option at CA$0.05 per share within three years.
How will City View Green use the raised funds?
The proceeds will be utilized for working capital purposes, supporting plans for business development and operational needs.
Are there any recent changes in the company?
Yes, City View Green has exited the retail cannabis market and is currently reviewing its overall strategy to enhance its business operations.
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