VANCOUVER, British Columbia, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Eden Empire Inc. ("Eden" or the "Company") is pleased to announce that it has closed approximately $7 million through its convertible debenture private placement and the accelerated exercise of all outstanding common share purchase warrants. The debenture closing consisted of the issuance of non-transferable 10% secured debentures of the Company that are automatically convertible into common shares of Eden upon completion of a liquidity event, at a price of $0.30 per Common Share for a period of 18 months. It is expected that the proceeds of the private placement will be used to fund retail store acquisitions, as well as for other strategic acquisition opportunities and general working capital purposes.
Chief Executive Officer of the Eden, Gerry Trapasso stated “Completing this oversubscribed offering is another exciting milestone on Eden’s journey to operating the finest retail cannabis experience in the world as well as an acknowledgement of investors’ belief in our business model. While Eden set out to raise $3 million, the additional financing provides the Company with the financial means to meet additional exciting opportunities that it has identified in North America.”
About Eden Empire Inc.
Eden Empire is an award winning brand, established, and nationwide with a history of 17 stores across Canada. Supported by a dedicated management team with 20+ years combined experience. Focusing on diversified revenue streams across Canada and international opportunities.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements regarding the anticipated use of proceeds of the private placement. Forward-looking information is not a guarantee of future performance or results, since it involves risks and uncertainties. There is no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in forward-looking statements. Some of the factors on which the forward-looking statements are premised include (but are not limited to) the satisfaction or waiver of the conditions precedent to the market conditions, the ability of Eden to acquire assets and the lack of material changes to general economic, market and business conditions. Forward-looking information is subject to the risk that those factors will not materialize, and to other risks. Except as required by law, Eden does not assume and expressly renounces any obligation to update any forward-looking information, which is only applicable on the date on which it is given.
The securities of Eden offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States.
For further information, please contact:
Gerry Trapasso, CEO
Telephone: 1 (778) 898-5045