Toronto, Ontario–(Newsfile Corp. – April 12, 2021) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company“) is pleased to announce that it has closed its previously announced non-brokered private placement of units (“Units“), at a price of $0.08 per Unit, for aggregate gross proceeds to the Company of $3,403,883.52, which was oversubscribed by almost $1,000,000. Each Unit is comprised of one (1) common share and one (1) warrant (“Warrant“), with each Warrant entitling the holder thereof to purchase one (1) common share of the Company at a price of $0.11 per share for a period of three (3) years from Closing (“Offering“). All the securities issued in connection with the offering will be subject to a hold period of four-months and one day from the date of closing.
“We are extremely pleased with the response to our offering and the quality of investors from both Canada and the US, that are supporting our global growth agenda,” said Lori Senecal. “This capital is important for our next phase of corporate development as we continue to build out our programs to monetize the patent usage rights we acquired to DehydraTECH (R) fast-acting emulsion technology,” added Craig Binkley.
In connection with the Offering, the Company paid finders fees of $8,320 and issued 52,000 finder’s warrants (“Finder Warrants“) to Echelon Wealth Partners. Each Finder Warrant will entitle the holder to purchase one common share of the Company at a price of $0.08 for two years from the date of closing. Echelon is arm’s length to the Company.
In accordance with the policies of the TSXV, the following insiders of the Company participated in the offering: $20,000 by Ms. Lori Senecal (board member, and Interim Co-CEO); $20,000 by Ms. June Nicholson, Chief Operating Officer; and $90,000 by Mr. Raymond Bisaillon (board member).
About Hill Street Beverage Company Inc. (TSXV: BEER)
Hill Street Beverage Company is a leading and award-winning company focused on alcohol-free beer, wine, and adult-format beverages. Hill Street’s brands include Hill Street Craft Brewed Lager, and Vin(Zero), and have won numerous medals and accolades around the world. Hill Avenue Cannabis, the Company’s wholly-owned subsidiary, will produce and sell Cannabis-infused adult beverages and other Cannabis products with expected distribution at licensed outlets in 2021, as well as commercializing Lexaria’s patented DehydraTECHTM fast-acting platform technology
Check out Hill Street’s award-winning alcohol-free line-up and order product to be delivered straight to your home at www.hillstreetbeverages.com, and cannabis related business activities and products at www.hillavenuecannabis.com
For further information:
Jack Fraser, Chairman of the Board, Hill Street Beverage Company Inc.,
jack@hillstreetbevco.com
Follow Hill Street on Twitter https://twitter.com/hillstreetbevco
and on Facebook http://facebook.com/hillstreetbevco
FORWARD-LOOKING STATEMENTS
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