BBRRF - Blueberries Medical Announces C$2 Million Non-Brokered Private Placement | Benzinga
TORONTO, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Blueberries Medical Corp. (CSE:BBM) (OTC:BBRRF) (FRA: 1OA) (the "Company" or "Blueberries"), a Latin American licensed producer of medicinal cannabis and cannabis-derived products, announces a non-brokered private placement consisting of the sale of 180,716,000 common shares ("Common Shares") at a price of C$0.011 per Common Share for aggregate gross proceeds of approximately C$1,987,876 (or approximately US$1,250,000) (the "Offering"). The net proceeds from the sale of the Common Shares are expected to be used to repay existing debt and for general corporate and working capital purposes. The Offering is expected to close on or about December 29, 2023.
It is expected that the Offering will be led by Terraflos Inc. ("Terraflos"), a company with operations throughout Latin America founded and controlled by Facundo Garreton, who serves as the Chairman, CEO, and a director of Blueberries. Terraflos is currently exploring various prospects in Argentina, Mexico, and Brazil and aims to expand its operations into those markets in the short term. The company's objective is to satisfy food and medicine needs in the near future using non-conventional methods, without exploiting natural resources as is common in current methodologies.
These funds will be allocated to the full repayment of the last remaining convertible debt, bringing the company to a debt-free position. Additionally, strategic resources will be directed towards Pharmaceutical API Business Growth, Brazil Market Penetration, and Innovative Finished Products Development in partnership with Nutripharma.
Participation by Terraflos and Facundo Garreton in the Offering will be considered a "related party transaction" pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company will be exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with Terraflos' and Mr. Garreton's participation in the Offering in reliance of sections 5.5(b) and 5.7(1)(b) of MI 61-101. A material change report will be filed in connection with the participation of Terraflos and Mr. Garreton in the Offering less than 21 days in advance of the closing of the Offering, which the Company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner.
First Cannabidiol sale for pharmaceutical purposes:
Blueberries entered the Argentine Pharmaceutical Market in October 2023. This strategic expansion aligns with the company's vision to enhance the quality of life and diversify its revenue streams.
The ...