Replenish Nutrients upsizes private placement to $4.2M

Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) announced it has upsized its antecedently disclosed non-brokered backstage placement to gross proceeds of up to $4.2 cardinal from $3 million, citing further capitalist demand, and has closed the archetypal tranche of the offering.

The institution reported archetypal tranche gross currency proceeds of astir $919,000 and said it besides settled astir $125,000 successful indebtedness owed to definite commercialized creditors.

Under the archetypal tranche, Replenish issued astir 8.7 cardinal units astatine $0.12 per unit. Each portion consists of 1 communal stock and 1 communal stock acquisition warrant, with each full warrant exercisable to get 1 communal stock astatine $0.18 for a play of 2 years from the contented date.

In transportation with the archetypal tranche, the institution paid astir $31,000 successful finder’s fees and issued 120,400 finder’s warrants, each exercisable astatine $0.18 for 24 months.

The institution said it plans, arsenic portion of the 2nd tranche, to settee definite debts owed to directors and commercialized creditors successful speech for units.

The proceeds from the offering are expected to enactment moving superior requirements related to antecedently announced licensing deals with MJ Ag Solutions and Farmers Union Enterprises, arsenic good arsenic moving superior for Beiseker and wide firm purposes, including strategical selling and capitalist relations.

"We are precise pleased with the beardown level of involvement successful this financing and the continued enactment from some caller and existing investors,” Replenish CEO Neil Weins said successful a statement.

“We judge this reflects increasing assurance successful our regenerative agriculture level and our committedness to improving ungraded wellness done innovative, sustainable fertilizer solutions. This enactment provides important momentum arsenic we beforehand our licensing initiatives and standard production."

Closing of the 2nd tranche is anticipated connected oregon astir March 11.

Separately, Replenish said it continues to enactment done regulatory and CSE approvals related to its antecedently announced $1.95 cardinal strategical concern from Sorbie Bornholm LP.