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Segra Closes $7.2 Million CAD Private Placement to Develop Industrial-Scale Cannabis Micropropagation Facilities
VANCOUVER, British Columbia, July 30, 2018 (GLOBE NEWSWIRE) -- Segra International Corp. (“Segra” or the “Company”) is pleased to announce the successful closing of an oversubscribed private placement offering of units (the “Units”) for gross proceeds of approximately $7.2 million CAD (the “Offering”). Eight Capital acted as Segra’s agent in connection with the Offering.
The net proceeds of the private placement will be used by the Company for the construction of micropropagation facilities, working capital, and general corporate development.
Each Unit comprises one common share of the Company, one-half of one common share purchase warrant (each full warrant, a “Warrant”), and one liquidity penalty warrant (a “Liquidity Warrant”).
Each Warrant entitles the holder thereof to purchase one common share of the company, at an exercise price of $1.00, for a period of 24 months following the closing of the Offering.
Each Liquidity Warrant shall entitle the holder to receive, for no additional consideration, 0.10 common shares of the Company, in the event that a Liquidity Event (as defined below) is not completed on or before October 31st, 2018.
Todd McMurray, President and CEO, stated, “With strong financial partners, major competitive advantages, and agreements with large-scale Canadian cannabis producers, Segra continues executing its plan to become the global leader in cannabis tissue culture.”
Pursuant to the terms of the Offering, the Company shall use its reasonable best efforts to complete a listing on a North American stock exchange on or before October 31st, 2018 (a “Liquidity Event”). The Company intends to list its share to trade on the Canadian Securities Exchange prior to October 31st, 2018; however, there can be no assurance that the Company will be listed on any exchange in the future.
Segra is an agricultural life sciences company specializing in cannabis plant micropropagation. The company is developing industrial-scale cannabis micropropagation laboratories in Canada and California to produce disease-free, genetically verified plantlets for licensed producers globally. Segra has assembled a world-class team of specialists in the areas of plant tissue culture, agronomy, molecular genetics, regulatory compliance, and corporate finance.
On behalf of the Board of Directors,
Todd McMurray, President/CEO
SEGRA INTERNATIONAL CORP.
This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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