Vancouver/Toronto (pcJ News Briefs) – Hadley Mining Inc. (CSE: HM) has retained Eight Capital to act as lead agent for a “best efforts” private placement of up to 14,000,000 subscription receipts at $0.50 per subscription receipt for gross proceeds of up to $7,000,000.
The offering is being completed in connection with a proposed transaction whereby Hadley Mining will acquire 100% of the issued and outstanding securities of SevenTails pursuant to the terms of a share purchase agreement dated March 22, 2017.
The net proceeds will be used for the development of the company’s proposed business following its acquisition of SevenTails and for general working capital purposes.
SevenTails is a privately held British Columbia company that has submitted an application for a license to produce under the Access to Cannabis for Medical Purposes Regulations (Canada). SevenTails is currently in the review stage of the licensing process.
SevenTails currently has plans for a 20,000 square-foot production facility to produce its medical-grade marijuana.
photo credit: SevenTails