OTTAWA, ONTARIO--(Marketwired - Feb. 25, 2016) - GrowPros Cannabis Ventures Inc. ("GrowPros" or "the Company") (CSE:GCI) announces the closing of a non-brokered private placement of 5,210,000 units at a price of $0.05 per unit for aggregate gross proceeds of up to $260,500. Each unit consists of one common share and one non-transferable warrant, with a whole warrant entitling the holder to purchase one common share at a price of $0.07 for a period of 12 months expiring February 24, 2017.
In connection with the private placement, the Company will pay a cash finder's fee of $7,720 and will issue 154,400 non-transferable finder's warrants to Leede Jones Gable Inc. Each finder's warrant entitles the holder to purchase one common share of the Company at a price of $0.07 per share for a period of 12 months expiring February 24, 2017.
An insider participated in the private placement by purchasing 1,200,000 units for a total of $60,000.
The securities issued pursuant to the private placement are subject to a four-month hold period from the closing date and subject to all necessary regulatory approvals, including the approval of the Exchange.
The proceeds of the private placement will be used to fund general working capital.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Contact Information:
Ryan Brown
Chief Executive Officer
(613) 421-8402