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Toronto, Ontario--(Newsfile Corp. - April 29, 2024) - West Island Brands Inc. (CSE: WIB) (FSE: 39N0) (OTC: WIBFF) ("West Island" or the "Company") is pleased to announce the Company has completed a non-brokered private placement financing (the "Financing") of 2,051,282 units (the "Units") at a price of $0.0975 per Unit for gross proceeds of up to $200,000 and confirms issuance of securities.
Each such Unit is composed of one (1) common share ("Common Share") in the capital of the Company and one (1) Common Share purchase warrant ("Warrant"), and each such Warrant shall be exercisable into a Common Share at an exercise price of $0.13 for a period of two (2) years. Completion of the financing is subject to regulatory approval.
The net proceeds for the Financing will be used, among other things, to resolve any outstanding fees, prepare audited financial statements and pay all other costs associated with applying for a full revocation of the failure to file cease trade order ("FFCTO") which was imposed upon the Company by the OSC on May 5, 2023 for failure to file certain documents which included (i) the audited annual financial statements for the year ended December 31, 2022, (ii) the accompanying management discussion and analysis relating to the audited annual financial statements for year ended December 31, 2022, and (iii) certification in respect of the audited annual financial statements for year ended December 31, 2022, as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.
All securities issued under the Financing will be subject to a hold period of four months and one day from the date of issuance.
About West Island
West Island is a multi-faceted, innovative company in the Quebec cannabis space. Its subsidiary, RoyalMax Biotechnology Canada Inc. D.B.A West Island Culture is a Montreal, Quebec based cannabis company. A Health Canada Licence Holder West Island has standard cultivation licence, standard processing, medical sales and sales licences.
For more information on West Island Brands please visit the website at: westislandbrands.com. West Island cannabis products can be found in British Columbia, Saskatchewan, Manitoba, Yukon Territories, Northwest Territories, Ontario and Quebec.
On behalf of the Board of Directors
WEST ISLAND BRANDS INC.
Boris Ziger
Boris Ziger, CEO
The Company's public filings are available for review at www.sedarplus.com and www.thecse.com.
For further information, please contact:
Boris Ziger, CEO at:
Telephone: 416-304-9935
E-mail: info@westislandbrands.com
Website: www.westislandbrands.com