logo-loader
viewMojave Jane

Mojave Jane Brands closes C$3.2 million financing to fund expansion

Mojave Jane said the proceeds from the non-brokered private placement will be used to finance strategic acquisitions and expand its delivery footprint

canadian hundred dollar bills
CEO Gary Latham said he was “pleased” with the demonstration of support for the cannabis company's growth strategy

Mojave Jane Brands Inc (CSE:JANE) (OTCMKTS:HHPHF) said it has raised C$3.2 million to fund the cannabis company’s growth plans over the near term.

In a statement on Tuesday, tthe Toronto-based firm said it will use the proceeds from the non-brokered private placement to finance strategic acquisitions and expand its delivery footprint.

CEO Gary Latham told shareholders that he was “pleased” with the demonstration of support for the cannabis company's growth strategy. 

READ: Mojave Jane entering market for cannabis-infused beverages after signing manufacturing license agreement with HAI Beverages

“We intend to deploy the proceeds to expand our extraction, manufacturing and delivery capabilities in the burgeoning California market through a blend of expansion and acquisition,” Latham said in the statement.

The financing consisted of 15.9 million units at C$0.20 per unit for total gross proceeds of C$3,186,100.

Each unit consists of one share and one warrant exercisable at C$0.30 for a two-year period ending September 9, 2021. Securities are subject to a hold period of four months plus one day post-closing.

The company also paid a finder’s fee of just over C$100,000 and issued warrants for the finders to acquire up to 347,430 shares at C$0.20 for a one-year period ending September 9, 2020.

Mojave Jane recently announced that it is entering the market for cannabis-infused beverages after signing a manufacturing license agreement with Vancouver-based HAI Beverages Inc.

The company said the agreement allows it to exclusively license HAI’s proprietary technology for the solubility and bioavailability of THC and CBD components in California.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Mojave Jane

Price: 0.03 CAD

CSE:JANE
Market: CSE
Market Cap: $3.14 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Mojave Jane named herein, including the promotion by the Company of Mojave Jane in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Buds & Duds: Analysts call for cannabis sector's bottom; stocks stay quiet

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada fell 1.4% at 127.4 points. Elsewhere, the OTCQX Cannabis Index was up 0.4% to 446.5 points. Buds were PharmaCielo Ltd (CVE:PCLO) (OTCMKTS:PHCEF), Mojave Jane Brands Inc (CSE:JANE)...

on 6/11/19

2 min read