PUF Ventures closes $1.9M private placement

Ted Liu

Updated on:

Vancouver (pcJ News Briefs) – PUF Ventures Inc. (CSE: PUF; FSE: PU3; OTCPK: PUFXF has completed a non‑brokered private placement of 7,656,500 units issued at a price of $0.25 per unit for gross proceeds of $1,914,125.

Each unit consists of one common share and one transferable common share purchase warrant, with each warrant entitling the holder to acquire one additional common share at a price of $0.40 per common share for two years from the date of issuance.

PUF Ventures paid finder’s fees of 6% cash and 6% finder’s warrants to Echelon Wealth Partners Inc. and Fairwater Consulting Limited. The finder’s warrants were issued on the same terms as the unit warrants.

PUF Ventures intends to use net proceeds for completion of its AAA Heidelberg ACMPR license application, expansion of the VapeTronix portfolio and associated technologies, and for general working capital.

“We are extremely pleased with the overwhelming support from the investment community in completing this oversubscribed financing. Further, over the past several weeks, we have been fortunate to receive proceeds from the exercise of warrants that add an additional $438,285 to the treasury. Combined, this working capital puts PUF in a very strong financial position from which to continue executing on our plan of becoming a successful ACMPR licensed grower,” commented Derek Ivany, President & CEO of PUF Ventures.

PUF Ventures is purchasing a 100-per-cent interest in AAA Heidelberg, a private Ontario company that is currently in Stage 5 of 7 in its application for an ACMPR (access to cannabis for medical purposes regulations) license. VapeTronix, a subsidiary of the company, is in the process of expanding its 1313 brand of electronic cigarettes, marijuana vape delivery devices and associated technologies.