Vancouver-based Hill Street Beverage Co (CVE:BEER) (OTCMKTS:HSEEF) has closed the first tranche of a C$5 million private placing, announced last month, raising around C$1.7 million.
Hill Street intends to use the net proceeds for day-to-day operations and general working capital, the group said in a statement.
The Canadian company makes alcohol-free beer and wine as well adult-format beverages. It also plans to produce and sell cannabis-infused adult drinks as soon as the sale of cannabis edibles becomes legal in Canada, expected to occur by October 17 this year.
The company issued around 8.48 million units at C$0.20 each for aggregate gross proceeds of C$1,696,661.51.
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