Pac Roots (CSE: PACR), a Canadian cannabis company dedicated to producing premium-quality strains and products by leveraging a genetics-focused approach, today confirmed the closing of the first tranche of its previously announced non-brokered private placement. According to the update, aggregate gross proceeds of C$470,750.00 were raised in the first tranche through the issuance of 1,883,000 units. Each unit consists of one share and one warrant, exercisable at C$0.40 per share for 24 months from issuance. Pac Roots intends to close additional tranches of the private placement over the coming weeks that will, in aggregate with the first tranche, raise gross proceeds of up to $2,000,000.00. The company intends to use net proceeds for operating expenditures of the Hemp JV in Rock Creek, BC, final commissioning of the Lake Country project and for general working capital.
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About Pac Roots Cannabis Corp.
Pac Roots is focused on delivering the finest genetics to Canadians. Preserving the excellence of its elite strains while introducing the highest quality of new strains to the public is the company’s passion. Genetic variation and stability form the foundation that drives the decision making for Pac Roots Cannabis Corp.’s business. For more information about the company, visit www.PacRoots.ca.
NOTE TO INVESTORS: The latest news and updates relating to PACR are available in the company’s newsroom at http://cnw.fm/PACR
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