ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FOR EXTRACTION OPERATIONS
Benchmark Botanics Inc. (BBT.C) intends to complete a non-brokered private placement for aggregate gross proceeds of $12-million with arm's-length parties and certain existing shareholders who have agreed to subscribe by issuing 30 million units of the company's securities at 40 cents per unit. The subscription price represents a 5% discount to Benchmark's closing share price on April 30, 2019. Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each Warrant shall be exercisable into one Share at a price of $1.00 for a period of 24 months from the closing date of the Private Placement. All of the Units, Shares and Warrants will be subject to a restricted period of four months and one day from the date of closing of the Private Placement.
The Company intends to use the proceeds from the sale of the Units for general working capital purposes and the costs of setting up the Company's extraction operations. The Private Placement is subject to acceptance by the Canadian Securities Exchange.
About Benchmark Botanics Inc.
Benchmark Botanics is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical, and recreational markets in Canada and the EU. The Company's business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp in China and throughout Asia.
Benchmark Botanics is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company's global footprint.