TAAT LIFESTYLE & WELLNESS LTD. has closed the first tranche of previously announced non-brokered private placement with gross proceeds totaling $2,603,303.70. The company has completed 3,719,005 units at the price of $0.70 per Unit. Each Unit is equal to one share and a half transferable Share purchase warrant. Now the holder of Warrants has the right to purchase one additional Share of the Company against each Warrant at the price of $1.00 per Share for next one year from the closing date.
The company stated that now after the closing if its Shares closing price on the Canadian Securities Exchange stays$1.25 or over during a period of 5 consecutive trading days, the Issuer has right to accelerate the expiry date of the Warrants after a notice to the holders and according to the terms the Warrants used to expire on the thirtieth day after the notice to the holders.
In connection with the closing of First Tranche, Taat has paid the finder’s fees as to arm’s length third parties totaling $132,551.03 in cash, 121,000 in Shares and 12,090 in Warrants and include the exercise price of $1.00 per share on each additional Share purchase on company’s each provided warrant for 12 months time period from the closing.
Taat will use the net proceeds received from the closing of First Tranche for the marketing, development and launch of the upcoming product, funding investor relations activity, and for general working capital purposes.