Bougainville Ventures Inc. (CSE:BOG) (“Bougainville” or the “Company”) is pleased to announce it has closed a private placement (the “Private Placement”) of 1,232,000 units of the Company (each a “Unit”) at a price of $0.25 per Unit, for gross proceeds of $308,000. The Private Placement was oversubscribed from the previous announcement of up to $150,000 in gross proceeds. The proceeds will be used for general working capital purposes.
Each Unit consists of one common share and one common share purchase warrant exercisable at $0.50 per common share for an exercise term of 12 months ended October 30, 2019. The common shares and common share warrants issued in the placement are subject to a four-month hold period under relevant Canadian securities legislation.
Insiders of the Company purchased a total of 400,000 Units under the Private Placement, which is considered a related party transaction as defined by Multilateral Instrument 61-101 (“MI 61-101”). The Company relied on the exemptions specified in Section 5.5(a) and 5.7(a) of MI 61-101 regarding the related party transaction. No new insiders and no control persons were created in connection with the Private Placement.
The Company has also issued 510,000 common shares at a deemed price of $0.25 as securities for debt owed to certain consultants of the Company.
About Bougainville Ventures, Inc.
Bougainville provides cannabis infrastructure and seed-to-sale services to I-502 tenant-growers leasing greenhouse facilities space and providing fully built-out, turnkey solutions and ancillary services including processing, cannabis expertise and marketing and sales resources. Greenhouse canopies provide a 50% saving in cultivation cost.
For more information please visit: http://bougainvilleinc.com/
On behalf of the Board of Directors
BOUGAINVILLE VENTURES INC.
Andy Jagpal, CEO and Director
For further information, please contact Andy Jagpal at firstname.lastname@example.org or 1-844-734-8420
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
No regulatory authority has approved or disapproved the information contained in this news release.