On June 8 and 16, 2020, Red Light Holland Corp., an Ontario-based corporation positioning itself to engage in the production, growth and sale of magic truffles to the legal, recreational market in the Netherlands, closed in two tranches, a brokered private placement and issued a total of 5,033,515 units at a price of $0.165 per unit for aggregate gross proceeds of approximately $3.8 million. Each unit consisted of one common share and one common share purchase warrant of Red Light. Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.26 for a period of 48 months from the applicable closing date, subject to an accelerated expiry.
Eight Capital acted as sole agent in connection with the financing.
Cassels acted for Eight Capital with a deal team that included Nancy Choi, Shaun Khullar and Heesoo Kim (Securities).