Vancouver-based BC Bud Corporation (CSE: BCBC) is increasing its non-brokered private placement to $1.5 million from $1 million, citing strong investor demand.
The cannabis producer, formerly Entheos Capital Corp, closed a second tranche raising $511,275 through the sale of 6.8 million units at $0.075 each, according to a Thursday news release. This follows a $631,300 first tranche, bringing total proceeds to $1.142 million.
Each unit includes one common share and a warrant exercisable at $0.15 for 24 months. No finder’s fees were paid. Securities have a four-month hold period ending May 25.
The company said it will use proceeds for business development and working capital.
BC Bud also granted 8 million stock options to directors, officers and consultants, exercisable at $0.12 for two years.
Recent financial statements show quarterly revenue dropped to $36,499 from $262,213 a year earlier. The company reported a $397,745 net loss, wider than $192,662 last year, citing increased competition and market returns. Working capital stood at $25,357 on August 31.
[[{“value”:”Despite an 86% drop in revenue over the year, the Canadian cannabis producer said it’s upsizing “due to significant demand.”
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