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RavenQuest completes non-brokered private placement

July 24, 2019 Business News No Comments Email Email
RavenQuest BioMed Inc. (CSE: RQB OTCQB: RVVQF Frankfurt: 1IT) (the “Company” or “RavenQuest” – announces that it has completed the final tranche of its previously announced (June 28, 2019) non-brokered private placement of units.  In connection with completion of the final tranche of the placement, the Company issued an additional 907,000 units at a price of $0.50 per unit.  When combined with the first tranche, the Company has issued an aggregate of 5,047,000 units (each, a “Unit”) at a price of CDN$0.50 per Unit for gross proceeds of CDN$2,523,500 (the “Financing”).

Each “Unit” consists of one common share of the Company and one share purchase warrant (each, a “Warrant”).  Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CDN$0.60 per share for a period of two (2) years.

The proceeds of the Financing will be used for general corporate purposes.  In connection with completion of the Financing, the Company has paid finders’ fees of $162,645 and issued 325,290 Warrants as consideration for referring subscribers to the Financing.  All securities issued in connection with the Financing are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

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