November 21, 2016 15:10 ET
NEWMARKET, ONTARIO--(Marketwired - Nov. 21, 2016) - ANB Canada Inc. (the "Corporation") is pleased to announce that it has completed the second tranche of a private placement of Class A Shares (the "Class A Shares") for aggregate gross proceeds of $240,000.30 and a second tranche of a private placement of Series 1 Preferred Shares (the "Preferred Shares") for aggregate gross proceeds of $360,000. The 4,800,006 Class A Shares were issued for $0.05 per share and the 14,400 Preferred Shares were issued for $25.00 per share. The Preferred Shares are non-voting 7 year cumulative 10% shares redeemable at $25.00 per share at maturity and $27.00 per share prior to maturity.
Finders were paid cash commissions equal to 4% of the gross proceeds of each private placement offering (not including President's List orders) and are entitled to finder warrants (the "Warrants") to acquire that number of Class A Shares equal to 4% of the number of Class A Shares sold (not including President's List orders). The Warrants are exercisable at $0.05 per share at any time up to 24 months following closing and 120,000 Warrants were issued.
The first tranche of the private placements were completed as previously disclosed in the Corporation's press release dated October 12, 2016.
About the Business
The Corporation offers turnkey over-the-counter ("OTC") sales and distribution services to manufacturers in the Canadian Food, Drug and Mass marketplace. The Corporation not only markets, sells, warehouses and distributes consumer OTC brands, but also helps manufacturers in a number of other areas including navigating Canadian regulatory guidelines.
Notice on forward-looking statements:
This release includes forward-looking statements regarding the Corporation and its business. Such statements are based on the current expectations of management. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Corporation, including risks affecting the Corporation, economic factors and the equity markets generally. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
ANB Canada Inc.Brent LarkanChief Executive Officer647email@example.com
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