MustGrow Biologics Upsizes Private Placement to $6.9 Million; Gluskin Invests $1 Million

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29 September 2021, Canada: MustGrow Biologics Corp. (CSE: MGRO) (OTC: MGROF) (FRA: 0C0) (“MustGrow”) is pleased to announce it has upsized its previously-announced C$2.0 million non-brokered private placement (the “Private Placement”) to approximately 2.7 million units (each a “Unit”) for gross proceeds of approximately C$6.9 million at a price per Unit of C$2.60.  Ira Gluskin and Gluskin-related parties have subscribed to invest C$1.0 million in the Private Placement under the same terms and conditions.

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 patented technology pipeline, and for working capital and general corporate purposes.

The closing of the Private Placement is now scheduled to occur on or about October 6, 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 news 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.

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