Hill Street Beverage Company Inc. (“Hill Street” or “Company“) (TSX-V: BEER) is pleased to announce that it has closed the first tranche of a $5 million non-brokered private placement that was announced May 28, 2019.
The Company has issued a total of 8,483,308 units (“Units“) at a price of $0.20 per Unit for aggregate gross proceeds of $1,696,661.51.
Each Unit is comprised of one (1) Hill Street Common Share and one-half of one (1/2) warrant (each whole warrant a “Warrant“), with each Warrant entitling the holder thereof to acquire one (1) Hill Street Common Share at a price of $0.40 per share for a period of two (2) years from the date of Closing.
All the securities will be subject to a four-month hold period from the date of closing. Hill Street intends to use the net proceeds for funding day-to-day operations and general working capital purposes.
In connection with the closing, the Company paid finders fees to James Eric Salter, in the amount of $37,450 together with 187,250 finder warrants, with each finder warrant entitling the holder to acquire 1 common share in the capital of the Company at a purchase price of $0.20 per share for a period of two years from the date of issuance.
SOURCE Hill Street Beverage Co.
