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October 13, 2021, Toronto, Canada (GlobeNewswire) – EarthRenew Inc. (CSE: ERTH; OTCQB: VVIVF) (“EarthRenew” or the “Company”) is pleased to announce that it intends to complete a non-brokered private placement financing of up to 5,500,000 units (each, a “Unit”) at a price of $0.20 per Unit for gross proceeds of up to $1,100,000 (the “Offering”). Each Unit consists of one common share of the Company (each a “Common Share”) and one Common Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.20 for a period of 6 months from issuance.
Closing of the Offering is expected to occur on or about October 15, 2021. All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of approval of the Canadian Securities Exchange (the “CSE”), if applicable. Finder’s fees may be paid to eligible finders in accordance with the policies of the CSE consisting of a cash commission equal to up to 7% of the gross proceeds raised under the Offering and finder warrants (“Finder Warrants”) in an amount equal to up to 7% of the number of Units sold pursuant to the Offering. Each Finder Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.20 for a period of 6 months following the closing date of the Offering. The Company intends to use the net proceeds of the Offering for expanding the fertilizer production capacity of existing facilities and working capital purposes.
Click here to learn more about EarthRenew’s growth plan.
