KELOWNA, British Columbia, Jan. 16, 2019 (GLOBE NEWSWIRE) — 10330698 Canada ltd d/b/a Compass Cannabis Clinic (“Compass”) and majority owner of the joint venture entities Starbuds Canada (“Starbuds”) and Compass Australia, is pleased to announce the closing of both a non-brokered private placement and a convertible debenture offering for total proceeds of $6,750,000.00 CAD. Equity valuations in the non-brokered private placement were provided at $0.60 per share with additional half-warrants at $0.75 per share.
The funds received through these offerings are intended for further expansion of the Starbuds Canada retail brand across Canada. “Today marks a sizable step forward for the Starbuds retail brand in Canada,” says Dave Martyn, President of Compass. “Through our existing portfolio of leases and retail cannabis development permits, we are positioned to aggressively roll out corporate locations across Canada upon the reopening and expansion of licensing in various provinces in 2019. We expect the Starbuds brand to be among the fastest growing cannabis brands in North America.”
Further to this, Compass Australia intends to open its first clinic in Sydney Australia in early 2019. Compass Australia intends to begin exporting cannabis oil products for its Australian patients by mid 2019, via partnerships with Canadian Licensed Producer and export entities.