BioHarvest Sciences Inc announces the closing of its previously announced private placement and the amount raised from the exercise of the warrants


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Total of CA $ 7,909,064 raised through private placement and warrants exercised

Vancouver, British Columbia and Rehovot, Israel – (Newsfile Corp. – October 4, 2021) – BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) announces the closing of its second and final tranche of the private placement announced on August 4e, 2021. As part of this private placement, the Company issued a total of 7,781,375 units (“each one unit”) for proceeds of CA $ 3,501,619 with net proceeds of CA $ 3,484,849 after payment commissions and finder’s fees of CA $ 16,770.

Under the first tranche, the Company issued 6,845,368 units for proceeds of C $ 3,080,850.60, C $ 3,066,850.60 net after payment of commissions and finder’s fees. This second tranche consists of 936,007 units for proceeds of C $ 421,203.25, net C $ 417,998.00 after payment of C $ 3,025.15 in commissions and finder’s fees.

Each unit consists of one common share at C $ 0.45 and half a share purchase warrant and each entire warrant (a “warrant”) entitles the holder to purchase one common share. additional at a price of CA $ 0.55 per share for a period of one year from the date of issue.

The Company also announces that during the period elapsed since their issuance, 18,217,384 warrants issued within the framework of private placements already completed have been exercised for total proceeds accruing to the Company of CA $ 4,407,445. This includes 15,110,998 warrants with an exercise price of C $ 0.23 (October 2018 private placement) and 3,106,386 warrants with an exercise price of C $ 0.30 (private placement October 2019).

The Company has used and will continue to use the product for:

  • Accelerate the Company’s cannabis development program.
  • Provide system upgrades to convert the existing 2 ton / year VINIA® production facility to a cannabis production facility in H1 / 2022.
  • Allow the hiring of a number of key positions, which will be essential for the continued expansion of the business.
  • Increase the marketing resources behind the launch of VINIA® in the United States.
  • Provide funds for general corporate purposes.

Ilan Sobel, CEO, said “The addition of CA $ 7,892,294 to the Company’s cash position demonstrates investor confidence in the Company’s strategy and leadership. The funds raised will support the Company’s current growth phase and allow us to build the biotechnology company we envision.. “

About BioHarvest Sciences Inc.

BioHarvest Sciences Inc. (CSE: BHSC) is a fast growing biotechnology company listed on the Canadian Stock Exchange. BioHarvest has developed a patented biocellular growth platform technology capable of cultivating the active and beneficial ingredients of fruits and plants, on an industrial scale, without the need to cultivate the plant itself. This technology is economical, ensures consistency and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on the nutraceutical and medicinal cannabis markets. Visit: www.bioharvest.com.

BioHarvest Sciences Inc.

Ilan Sobel, Managing Director

For more information, please contact:
Dave Ryan, Vice President of Investor Relations and Director
Telephone: 1 (604) 622-1186
Email: [email protected]

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Forward-looking statements

The information contained in this press release includes forward-looking statements that are based on management’s current estimates, beliefs, intentions and expectations, and are subject to a number of risks and uncertainties that could cause the results actuals differ materially from those described in the forward-looking statements. There is no guarantee that the superfruit plant will come online or that the two-ton VINIA® plant will be converted to cannabis production in the first half of 2022. These things are subject to construction delays and development. approval and uncertainties which may be beyond BioHarvest’s control. There can be no assurance that the increased marketing resources behind the launch of VINIA® in the United States will result in increased success as this is subject to consumer preferences which are uncertain and change over time. There can be no assurance that we will achieve our goal of being a leading supplier of cannabis. Delays and cost overruns can cause delays in achieving our goals. Obtaining market acceptance and regulatory approvals for geographic expansion is subject to risk and cannot be guaranteed. The planned sales of cannabis will require the Company to obtain a production and / or export license, which cannot be guaranteed. There can be no assurance that the Company will be able to hire the right people for the key positions needed for further expansion, as recruiting and hiring has been difficult in many areas in the wake of the pandemic.

All forward-looking statements are inherently uncertain and actual results may be affected by a number of important factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update any forward-looking statements other than through our regular management discussions and analysis.

Neither the Canadian Securities Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98428


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