CLOSES THE SECOND TRANCHE OF PRIVATE PLACEMENT $1,384,450
Laguna Blends Inc. (LAG.C) has made a second tranche closing of its it non-brokered private placement. The second tranche closing consisted of the issuance of 5,537,800 units at a price of $0.25 per unit for gross proceeds of $1,384,450. Laguna oversubscribed the private placement for a total of $1,791,250. Each unit consists of one common share and one share purchase warrant, each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.40 per warrant share for a period of twelve months.
All securities issued under the second tranche are subject to a hold period expiring four months and one day from the date of issuance. In connection with the private placement, the company paid a cash or shares finder's fee of up to seven per cent. Bryan Loree, CFO of Laguna Blends said, "The demand of the Laguna private placement is a testament that Laguna is working hard to deliver shareholder value. The additional capital will ensure that Laguna can continue to deliver on its business strategy."
About Laguna Blends Inc.
Laguna is engaged in development, sales, marketing and distribution of hemp based products and solutions. We specialize in identifying emerging trends and opportunities such as Cannabidiol (CBD), one of the most useful compounds found in the hemp plant. Laguna generates retail sales through a proprietary, online, social media platform, driven by affiliates. Laguna currently markets products in the USA and Canada. In addition, Laguna is seeking joint ventures, acquisitions and wholesale distribution opportunities in the hemp and CBD industry. Laguna is planning an aggressive international expansion into Asia and Europe in 2017. Laguna offers both hemp and CBD related products.