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CLS Holdings USA Closes approximately $12 Million Private Placement of Convertible Debentures | ||
By: Nasdaq / GlobeNewswire - 13 Dec 2018 | Back to overview list |
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LAS VEGAS, Dec. 13, 2018 (GLOBE NEWSWIRE) -- CLS Holdings USA, Inc. (OTCQB: CLSH) “CLS,” a diversified cannabis company operating as Cannabis Life Sciences and an integrated cannabis producer and retailer in Nevada through its Oasis Cannabis subsidiaries, today announced the closing of an approximately $12 million private placement (the “Offering”) of 8% senior unsecured convertible debentures (the “Convertible Debentures”). The Offering, conducted by a syndicate of underwriters, was priced at $1,000 per convertible debenture. The Convertible Debentures are convertible into units (each, a “Unit”) at a price of $0.80 per Unit. Each Unit is comprised of one common share of the Company (a “Common Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable for one Common Share at a price of $1.10 per Warrant (the “Exercise Price”) for a period of 36 months from the closing date. The proceeds of the financing will be used to continue to execute the Company’s growth strategy in Nevada and Massachusetts. As previously announced, CLS has entered into an agreement with a Canadian agent. This closing represents the first tranche raised under such agreement. This is not an offer for sale, or solicitation of an offer to buy, nor may there be any sale in the United States or to, or for the account or benefit of, any U.S. Person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")) of any securities of the Company prior to compliance with any applicable securities laws. Neither the Convertible Debentures nor the Units, Common Shares or Warrants issuable upon conversion of the Convertible Debentures or the Common Shares issuable upon exercise of the Warrants have been or will be registered under the U.S. Securities Act, or any securities laws of any state of the United States and may not be offered or sold absent such registration or an applicable exemption from such registration requirements. About Oasis Cannabis About CLS Holdings USA, Inc. CLS stands for "Cannabis Life Sciences," in recognition of the Company's patented proprietary method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services. Forward Looking Statements Contact Information Investors: |
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