Toronto, Ontario--(Newsfile Corp. - January 25, 2022) - West Island Brands Inc. (CSE: WIB) (FSE: 39N0) (OTCQB: WIBFF) ("West Island" or the "Company") is pleased to announce that it has the first tranche a non-brokered private placement consisting of 1,080,000 units at a price of $0.25 per unit for aggregate gross proceeds of $270,000.00. Each unit is comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the Company for a period of 24 months from the closing date at an exercise price of $0.25 per warrant.
The proceeds of private placement will be used for general working capital purposes. All securities purchased under this financing are subject to a four month hold period. Finder's fees of eight per cent cash and 8% broker warrants of the amount, where applicable, are being paid in accordance with the policies of the CSE. Completion of the financing is subject to the acceptance of the CSE.
About West Island
West Island is a multi-faceted, innovative company in the Quebec cannabis space. Its subsidiary, RoyalMax Biotechnology Canada Inc. is a Dorval, Quebec based Health Canada Licence Holder with standard cultivation licence, standard processing, medical sales and sales licences. The Company continues to work with Yunify Natural Technologies, a Quebec based health and personal care research and innovation company to develop proprietary products for West Island including topicals and ionic mists. Through its acquisition of Trichome Treats, an award winning chocolatier, the Company intends on introducing edibles into the West Island product mix.
For more information on West Island Brands please visit the website at: westislandbrands.com.
On behalf of the Board of Directors
WEST ISLAND BRANDS INC.
Boris Ziger, CEO & Chairman
Disclaimer for Forward-Looking Information
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.
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