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Weekend Unlimited Industries brings in C$1.18M from offering after it closes second tranche

The company had also appointed David Parchomchuk as a board director

Weekend Unlimited Industries Inc. -
On February 11 this year, the group said the first tranche had closed, bringing in a total of $1,029,337

Weekend Unlimited Industries Inc (CSE:POT) (OTCQB:WKULF) said it had raised a total of C$1.18 million via a previously announced placing, and it has now closed a second tranche. 

In a statement on Tuesday, the company also said it had appointed David Parchomchuk as a board director. 

On February 11 this year, the group said the first tranche had closed, bringing in a total of $1,029,337 from the issuance of around 8.23 million units at C$0.125 each. 

READ: Weekend Unlimited raises C$2M after closing first tranche of private placement

On Tuesday, the recreational cannabis and CBD wellness company said it had issued a further 629,300 units at a price of C$0.125 a throw.

Weekend Unlimited has raised an aggregate total of C$1,180,000 through the offering, it said. Commissions related to the financing of $2,349 and 18,792 warrants have been paid and granted respectively.

On the new board member, the firm noted that Parchomchuk had over 20 years of experience in management consulting, banking systems, and e-commerce startups with a deep understanding of operations and technical systems.

"Dave is a welcome addition to the board, his expertise in e-commerce and business operations will benefit the company tremendously at this stage of its growth," said Chris Backus, president and CEO.

At the same time, the company also revealed that Charlie Lamb had resigned as a director and officer.

In the offering, each unit consists of one share and one share purchase warrant entitling the holder to buy a further share for C$0.17 for two years from issue.

Weekend Unlimited, founded in 2017, is a cannabis-focused investment company that scales small to medium brands, primarily in the categories of flower, extracts and edibles.

The company, which has operations in Canada, focuses on both the cannabis and CBD markets, and has been making inroads into the US market.

Shares in Canada surged 25% to C$0.12 on the day.

---Updates for share price---

Contact the author at [email protected]

Quick facts: Weekend Unlimited Industries Inc.

Price: 0.15 CAD

CSE:POT
Market: CSE
Market Cap: $6.64 m
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