Vida Cannabis Corp. Shakes Hand For US$ 2.5M Equity Financing

Due to significantly higher interest than anticipated, Vida increased the quantum of financing to US$ 2.5 million, which was consented to by investors of this round. This private placement consisted of 10,000,000 common shares at a price of US$ 0.25 per share for total gross receipts of US$ 2.5 million, bringing the total number of common shares outstanding to 28,708,400.

Vida Cannabis Chairman and CEO Greg Wilson stated: “This is a tremendous outcome for Vida Cannabis Corp. and demonstrates the excitement amongst investors and the ongoing support of our existing shareholders as we continue developing Vida`s business. The proceeds of this successful equity financing will allow us to take steps that are essential to establishing Vida Canada`s profile as a candidate fit for licensing with Health Canada.”

The net proceeds from the offering will be used by Vida Cannabis to further its wholly owned subsidiary Vida Cannabis (Canada) Ltd.`s efforts to obtain a commercial producer license under the Marihuana for Medical Purposes Regulations. In particular, the proceeds will be used for capital expenditures including further improvements to the recently acquired 315,000-square-foot Stellarton-based production plant, retaining key personnel and establishing operational infrastructure and general working capital purposes.

To read more, visit http://finance.yahoo.com/news/vida-cannabis-corp-vida-cannabis-140201543.html

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