Namaste Announces Non-Brokered Private Placement of Units
Namaste Technologies Inc. (“Namaste” or “Company”) (CSE:N)(CSE:N.CN)(FRANKFURT:M5BQ) announces a non-brokered private placement financing of units of the Company (“Units”) at a price of $0.12 per Unit, with each Unit being comprised of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”), with each full Warrant being exercisable for one Common Share at an exercise price of $0.20 per Common Share for a period of 24 months (the “Offering”).
The Offering will consist of up to 16.67 million Units issued for total gross proceeds of $2,000,000. The proceeds of the Offering will be used to fund the acquisition of certain assets of URT1 Limited and its subsidiaries (including wind down and restructuring charges), inventory expansion, commercialization of new products and general corporate purposes. The proceeds will be released to the Company concurrently with the closing of the Offering which is expected to occur on or about October 13, 2016.
Closing of the Offering is subject to the following:
- Receipt of all necessary regulatory approvals, including without limitation, CSE approval if required; and
- Execution and delivery of standard documentation containing typical representations and warranties, covenants, conditions and other provisions.
All securities issued in connection with the Offering are subject to a four month and a day hold period. Finder’s will be paid a cash fee equal to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the gross proceeds raised in the Offering. In addition, Finder’s will receive broker warrants (“Broker Warrants”) exercisable for Units equal in number to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the number of Units sold under the Offering. The Broker Warrants will be exercisable at a price of $0.12 per Unit for a period of 24 months after the closing of the Offering.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the Company and its products can be accessed through the link below: