Vancouver, BC / February 2, 2021 / BioHarvest Sciences Inc. (the “Company”, or “BioHarvest”) (CSE: BHSC) announces that it has closed its private placement of units at $0.40 per unit previously announced on January 21, 2021. The private placement was oversubscribed by 449,829 units and the Company has determined to accept the oversubscriptions. A total of 15,449,829 units at $0.40 per unit were issued, for gross proceeds of $6,179,932. Net proceeds after payment of commissions and finder’s fees totaling $197,023.20, was $5,982,908.
Each unit consists of one common share of the Company and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase an additional common share at a price of $0.45 per share for a period of one year from closing of the private placement.
The Company will use the funds to finance the launch of VINIA® in the United States, for additional clinical trials on VINIA® and the company’s pipeline of other products, and for general corporate purposes.
“I want to thank our passionate and committed shareholder base for their support in this financing and for their helping us close it so efficiently and in less than 10 working days. This has enabled us to focus on executing our 2021 Growth Strategy Priorities” said Ilan Sobel, CEO of the Company.
The securities issued under the private placement will be subject to a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws and relevant restrictions under the securities laws of other jurisdictions where the placees may be resident.
About BioHarvest Sciences Inc.
Based in Vancouver BC, BioHarvest Sciences Inc. is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology. It is the first and only industrial-scale plant cell technology capable of producing the active plant ingredients without the necessity to grow the plant itself. The Company’s technology is non-GMO and has already been validated by VINIA®, the red grape cell functional food/dietary supplement produced and sold by BioHarvest Sciences Inc. The Company plans to generate significant revenue within the global nutraceutical ingredients and dietary supplements market with VINIA® and other Superfruit Nutraceutical products. Further, by adapting this technology to the Cannabis plant, and building adequate production capacity, BioHarvest Sciences Inc.’s objective is to become a leading supplier of Cannabis for both medicinal and legal recreational purposes. For more information visit: www.bioharvest.com.
BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer