True Leaf Medicine International Ltd. (CSE: MJ) (FSE: TLA), through its wholly-owned subsidiary 'True Leaf Pet', has entered the $104.9 billion global pet care industry with a line of hemp-focused pet chews and supplements marketed through natural pet health and veterinary channels in Canada, the United States and Europe. The Company has also filed an application under Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR) to become a Canadian licensed producer through its 'True Leaf Medicine' subsidiary. It has passed through the security screening process of Health Canada's review and is currently in the final review stage before the 'pre-licensing inspection' approval.
True Leaf Medicine International Ltd. is pleased to announce that it has closed the first tranche of its recently-announced non-brokered private placement by issuing an aggregate of 3,099,829 units at a price of C$0.30 per Unit for aggregate gross proceeds of C$929,950. Each Unit consists of one common share of the Company and one warrant exercisable into one Common Share at an exercise price of $0.45 for a period of 24 months. One insider of the Company subscribed for 666,666 Units, representing C$200,000 of the gross proceeds.
In connection with the Private Placement, the Company paid an aggregate of $12,474 in cash commissions to two finders, equal to 7% of the gross proceeds received from investors introduced to the Company by those finders.
The Company intends to use the proceeds of the Private Placement as disclosed in its news release dated May 3, 2017, and in particular, to develop the business of its True Leaf Medicine, True Leaf Pet and True Leaf Pet Europe subsidiaries.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four month and one day.
In addition, the Company is pleased to announce that it has granted options to purchase an aggregate of 3,900,000 Common Shares to certain of its directors, officers, employees and consultants at an exercise price of $0.395 per share for a maximum term of two years. Of this group, five insiders of the Company received a total of 1,400,000 options. All of the options vest immediately.
As a result of this grant, the Company now has a total of 6,064,285 options outstanding, representing approximately 9.4% of its issued and outstanding Common Shares.
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