Gaia Closes First Tranche of Private Placement
Gaia Grow Corp. (CNSX: GAIA), announces that it has closed an initial tranche of a non-brokered private placement (the “Offering”) for gross proceeds of $836,000. In connection with closing, the Company has issued 16,720,000 units (each, a “Unit”) at a price of $0.05 per Unit. Each “Unit” consists of one common share and one common share purchase warrant (each, a “Warrant”) exercisable at a price of $0.055 until July 29, 2024.
The Company anticipates utilizing the proceeds from the Offering for equipment and expansion of TruExtracts and for general working capital.
The Company expects to close a further tranche of the Offering and will provide further information regarding closing of this additional tranche as soon as available.
All securities issued in the Offering are subject to a statutory hold period until November 30, 2021. In connection with closing of the initial tranche of the Offering, the Company has paid $17,500 and issued 350,000 Warrants to certain arms-length parties who have assisted by introducing subscribers to the Company.
For further information please contact:
Frederick Pels, Chief Executive Officer
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY AND FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the hemp industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.
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