Proactive Investors - Run By Investors For Investors

Weekend Unlimited closes C$2 million financing, sharpens focus on revenue-generating brands

Vancouver-based Weekend Unlimited helps to launch and scale recreational cannabis brands in the US and Canada
hundred dollar bills
Weekend also granted CEO Chris Backus 1.9 million incentive stock options at C$0.10 for a five-year period

Weekend Unlimited (CSE:POT) (OTCMKTS:WKULF) announced it has raised over C$2 million to help fund the company’s brand acquisition.

Vancouver-based Weekend Unlimited helps to launch and scale recreational cannabis brands in the US and Canada.

The non-brokered private placement consisted of nearly 41.4 million units of the cannabis company priced at C$0.05 for gross proceeds of C$2,068,415.

READ: Weekend Unlimited teams up with Emerald City to develop products for its wknd! product line

Each unit consists of one share and one warrant, which is exercisable at C$0.10 for 24 months following the transaction’s closing date. Warrants are subject to accelerated expiry if Weekend’s ten-day volume weighted average share price exceeds C$0.25.

The Company paid finders fees of around C$135,000 and issued 2.7 million warrants to eligible finders, also exercisable at C$0.10 for a 24-month period.

Weekend also granted CEO Chris Backus 1.9 million incentive stock options at C$0.10 for a five-year period.

Focus on near term revenue

In a note to shareholders, the company also said that it will transfer the rights of VBC, Verve Beverage Company and its Verve and Champ brands following a detailed analysis of its near-term revenue potential.

“Since assuming the position of President and CEO, there has been extensive analysis completed on the company’s assets and how they support our focus on revenue generation,” said Backus.

“In order to create value for shareholders that the company can build its future growth upon, that focus is squarely on the launch and expansion of the WKND! branded products and Northern Lights Organics in the near term.”

The company has transferred the assets back to the rights holder with all liabilities and received 18 million shares of Weekend Unlimited in return.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full POT profile View Profile

Weekend Unlimited Inc. Timeline

Related Articles

Empower clinic locations
March 26 2019
Empower Clinics is one of the largest operators of medical-cannabis-focused healthcare in the US
A WeedMD greenhouse
January 21 2019
WeedMD produces cannabis and cannabis oil for both the medical and adult-use markets
cannabis extract
January 16 2019
The Kelowna, BC-based cannabis company specializes in the research, development, production, and testing of high-quality cannabis extracts and oils
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use