Sativa Wellness - Proposed Financing and Dispute Settlement
RNS Number : 1973Q
Sativa Wellness Group Inc.
24 February 2021
 

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Sativa Wellness Group Inc.
("Sativa" or "Sativa Wellness" the "Company" or the "Group")

24 February 2021

 

Proposed Financing and Dispute Settlement

 

Sativa Wellness Group is pleased to announce that it intends to complete a non-brokered private placement financing (the "Financing") of units (each, a "Unit") for gross proceeds of up to CDN$4,000,000 with a price per Unit of CDN$0.07875.

 

Each Unit will consist of one common share (each, a "Share") and one half of one common share purchase warrant (each, a "Warrant"), with each Warrant exercisable to acquire one additional Share (each, a "Warrant Share") for a period of 24 months following the closing date of the Financing (the "Closing Date'). The Warrants shall have an exercise price of CDN$0.105 per Warrant Share. The Warrants are not subject to any acceleration clause.

 

Sativa Wellness will pay finder's fees (the "Finders Fee") in connection with the Financing to Canaccord Genuity Corp. ("Canaccord"). The Finders Fee will consist of 8% of the Financing in cash (the "Cash Commission") and 8% of the Financing in Warrants. The Cash Commission is payable in cash or units, at Canaccord's option.

 

The money raised will be used for working capital and investment across the whole wellness business. In particular, it will be used to invest in Sativa's newest wellness service of health screening to include COVID swabbing and blood testing. The clinic model now proven to generate income will benefit from investment in the infrastructure to support an even wider rollout of testing centres across the UK. It will provide additional marketing capital to raise the profile of the new services as well as money to invest in mobile clinics, staff and clinical standards. 

Sativa Wellness is pleased to announce that the Company's wholly owned subsidiary, Borganic Consulting Inc., has reached a settlement with Dragonfly Biosciences Limited. The settlement includes an ongoing commercial arrangement for the supply of CBD.

Geremy Thomas, Executive Chairman, said: "New funds raised will speed up the national reach planned for our wellness health screening division."

The Directors of the Company accept responsibility for the contents of this announcement.

On behalf of the Board of Directors,

 

Geremy Thomas

Executive Chairman

Sativa Wellness Group Inc.

+44 (0) 20 7971 1255

enquiries@sativawellnessgroup.com

 www.sativawellnessgroup.com

Joseph Colliver

Chief Financial Officer

Sativa Wellness Group Inc.

+44 (0) 20 7971 1255

enquiries@sativawellnessgroup.com

 www.sativawellnessgroup.com

 

 

 

 

AQSE Growth Market Corporate Adviser

Peterhouse Capital Limited

Guy Miller/Allie Feuerlein

+ 44 (0) 20 7220 9795 

 

 

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