13 September 2021, Canada: MustGrow Biologics Corp. is pleased to announce a non-brokered private placement of approximately 770,000 units for gross proceeds of approximately C$2.0 million at a price per Unit of C$2.60.
Each Unit shall consist of one common share of the Company and one-half of one common share purchase warrant (each a “Warrant”). Each full Warrant shall entitle the holder to acquire one common share of the Company at a price of C$4.00 for a period of 24 months following the closing of the Private Placement.
The Company intends to use the proceeds from the Private Placement to advance development of its pipeline assets, and for working capital and general corporate purposes.
The closing of the Private Placement is scheduled to occur on or about September 28, 2021. All securities issued under the Private Placement will be subject to a hold period expiring 4 months plus 1 day following the closing date of the Private Placement. The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.
The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.