TORONTO, ONTARIO and LOS ANGELES, CALIFORNIA--(Marketwired - Oct. 18, 2016) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
The Tinley Beverage Company Inc. (the "Company" or "Tinley") (OTC PINK:QRSRF)(CSE:TNY) is pleased to announce a non-brokered private placement of units of the Company ("Units") raising gross proceeds of up $2.5 million (the "Offering"). Each Unit is being offered at a price of $0.17 per Unit. Each Unit is comprised of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each full Warrant is exercisable for one Common Share at an exercise price of $0.25 per Common Share for a period of 18 months from the closing date.
The proceeds of the Offering will provide expansion capital for sales and marketing, as well as for product development and general working capital purposes. The proceeds will be released to the Company concurrent with the closing of the Offering, which is expected to occur on or about October 21, 2016 or such earlier or later date as the Company may determine.
The Company has engaged First Republic Capital Corp. as the Lead Finder for the Offering. Finders will be paid a cash fee of up to 9% of the gross proceeds raised in the Offering. Additionally, Finders will receive broker warrants ("Broker Warrants") exercisable for Units equal in number to up to 9% of the number of Units sold under the Offering. The Broker Warrants will be exercisable at a price of $0.17 per Unit for a period of 18 months after the closing of the Offering. All securities issued in connection with the Offering are subject to a four month and a day hold period.
Closing of the Offering is subject to (1) receipt of all necessary regulatory approvals, including without limitation, CSE approval if required; and (2) execution and delivery of standard documentation containing typical representations and warranties, covenants, conditions and other provisions.
About The Tinley Beverage Company, Inc. and Hemplify, Inc.
The Tinley Beverage Company (Toronto, Canada) is the parent company of Hemplify, Inc. (Santa Monica, California). Hemplify manufactures the "Hemplify" line of products. Hemplify is a line of fruit-flavored, sugar-free, vegan, drinkable supplements that contain hemp stalk extract. This extract contains terpenes and other phytoconstituents. Each product also contains 9-12x the potassium electrolyte content of major sports drinks, 200mg of Omega 3 and excellent sources of 9 vitamins, including 100% DV of Vitamin B12, C and D. Hemplify is produced with patented technology that elevates absorption into the bloodstream, ensures shelf stability and masks the hemp oil's taste to deliver delicious, refreshing flavors. The company is selling its products in California and in 5 other states, as well as online. Tinley has also developed "Tinley '27", a line of cannabis-infused beverages designed for the Canadian and US markets.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.