BBRRF - Blueberries Medical Announces Closing of C$2 Million Non-Brokered Private Placement | Benzinga
TORONTO, Dec. 29, 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 180,716,00 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 will be used to repay existing debt and for general corporate and working capital purposes.
The Offering was led by Terraflos Inc. ("Terraflos"), a company with operations throughout Latin America founded and controlled by Facundo Garreton ("Mr. 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.
Early Warning Disclosure
Immediately prior to the Offering Mr. Garreton, directly and through Terraflos, owned 88,729,039 Common Shares, options exercisable into 2,750,000 Common Shares (the "Options"), and convertible debentures of the Issuer convertible into 20,089,696 Common Shares (the "Debenture"). If the Options and Debenture were exercised in full, it would result in the issuance of 22,839,696 Common Shares to Mr. Garreton for an aggregate holdings on an as converted basis of 111,568,735 Common Shares, representing, on a partially diluted basis, approximately 46.27% of the outstanding Common Shares prior to the Offering. Immediately following the Offering, Mr. Garreton owned on an as converted basis (assuming the exercise the Options and Debenture in full, directly and through Terraflos) 261,281,362 Common Shares representing, on a partially diluted basis, approximately 61.93% of the outstanding Common Shares.
Mr. Garreton, through Terraflos, acquired the Common Shares for investment purposes, and he may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over additional securities of the securities or otherwise. Other than as noted above and a right to a board seat for so long as Mr. Garreton holds at least 8% of the outstanding Common Shares on an as converted basis, Mr. Garreton does not have any plans related to any of the matters in the enumerated list in Item 5.1 ...