pcNewsWire – Laguna Blends Inc. (CSE: LAG; OTCPK: LAGBF; FSE: LB6A) has completed first tranche of its previously announced private placement, raising $2,245,116 through the issuance of 18,709,300 units at $0.12 per unit.
Proceeds will be used to fund the recent transaction with ISO International, LLC and for general working capital purposes.
LAGUNA BLENDS ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
May 23, 2017 – Vancouver, BC – Laguna Blends Inc. (CSE: LAG) (OTC: LAGBF) (Frankfurt: LB6A.F) (the “Company” or “Laguna”) is pleased to announce the closing of the first tranche of its private placement announced on May 17, 2017 for proceeds of $2,245,116.
The Company has issued 18,709,300 Units at $0.12 per Unit. Each Unit consists of one common share and one share purchase warrant, exercisable to acquire an additional share at $0.25 per share until May 19, 2019. The shares, and any shares issued on exercise of the warrants, are subject to a hold period expiring September 19, 2017.
Proceeds from the private placement will be used to fund the recent transaction with ISO International, LLC (see news release dated May 18, 2017) and for general working capital purposes.
The Company is also pleased to announce that a second tranche of the private placement is currently oversubscribed and is expected to close shortly.
About Laguna Blends Inc.
Laguna Blends is a market leader in the distribution of cannabis based products. Laguna’s growth strategy includes acquiring and incubating companies that formulate and/or manufacture cannabis products. Laguna provides the highest quality products and experience for consumers, utilizing a proprietary nanotechnology in its consumable and topical skin care products. Laguna is currently seeking joint ventures and acquisitions to expand its portfolio and will aggressively continue its international expansion into Latin America, Asia and Europe throughout 2017.
ON BEHALF OF THE BOARD
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SOURCE: Laguna Blends Inc.