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VANCOUVER, British Columbia, Jan. 22, 2018 (GLOBE NEWSWIRE) -- The Company has closed its financing for gross proceeds of $5,018,050 (10,036,100 units). Each unit contains one common share at $0.50 and one five-year share purchase warrant exercisable at a price of $0.70. The issue was initially announced November 17, 2017 targeting a raise of $1,000,000 and has completed with an exchange-authorized oversubscription of approximately $4,000,000. Total finder fees on the transaction totalled $115,750. In the last 12 months we have raised more than $7 million of equity at a weighted average price of 42.9 cents per share.
The proceeds of this financing, together with cash reserves and the $12 million of facility financing committed by Cannabis Wheaton (previously announced) will support the completion of our first facility, presently well under construction. The balance of capital funds, estimated at $10 million, will be applied to an expansion of this “purpose built” indoor operation at our Armstrong, BC 23-acre location.
Our business model combines an “upstream” streaming finance model with Cannabis Wheaton and a “downstream/grower partner model” with our growing partner/licensees across Canada. The Lotus approach enables a scalable and reliable low-cost, high quality production at our BC facilities and our national partners.
ON BEHALF OF THE BOARD
Lotus Ventures Inc.
"Dale McClanaghan"
Dale McClanaghan, President and CEO
For further information: Dale McClanaghan: dalemcclanaghan@gmail.com (604) 644-9844 or Daniel McRobert, Communications danielmcrobertt@gmail.com (604) 842-4625