Beleave Inc.
CSE : BE
CSE : BE.CN

Beleave Inc.

October 06, 2016 21:56 ET

Beleave Announces Non-Brokered Private Placement for Gross Proceeds of $250,000

TORONTO, ONTARIO--(Marketwired - Oct. 6, 2016) - Beleave Inc. ("Beleave" or the "Company") (CSE:BE) (CSE:BE.CN) is pleased to announce that it has closed a non-brokered private placement financing (the "Financing") for gross proceeds of $250,000. Upon closing the Financing, Beleave issued 416,666 units (each a "Unit") at a price of $0.60 per Unit. Each Unit consists of one common share ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant is exercisable for one Common Share at a price of $0.75 for a period of two years from closing. The Financing was placed to a number of strategic industry advisors at a 50% premium to Beleave's recently completed $1,405,000 financing. No finder's fees were paid in connection with the Financing. The Company will use the net proceeds of the Financing to complete its proposed facility and for general working capital purposes.

The Financing remains subject to the completion by Beleave of customary close-out filings, including the filing of a Form 9, with the Canadian Securities Exchange. The Common Shares and Warrants issued pursuant to the Financing are subject to a four-month hold period.

About Beleave

Beleave Inc. is a biotech company committed to becoming a licensed producer under the ACMPR. Beleave's wholly owned subsidiary First Access Medical Inc. ("FAM") has applied for a licence to cultivate and sell medical marihuana pursuant to the Marihuana for Medical Purposes Regulations, now the ACMPR. As of the date hereof, FAM has successfully advanced past the security clearance stage and is currently in the review stage of the licensing process. Beleave's purpose built facility is located near Hamilton, Ontario. Beleave is traded on the CSE under the symbol BE, with 22,688,355 Common Shares outstanding (34,201,356 on a fully diluted basis).

Forward-Looking Statements

This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the completion of the ACMPR licensing process, meeting the requirements of the ACMPR, and the start of production. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.

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