HENDERSON, Nev., April 10, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- PRESS RELEASE -- EVIO, Inc., a North American provider of hemp and cannabis testing for the regulated cannabis industry, has announced that it has closed an initial tranche in its offering of Units in the Company, for an aggregate amount of $586,000. The bulk of the Offering was completed on a best efforts basis through lead agent and bookrunner Dominick Capital Corporation of Toronto, Canada.
Each Unit consists of one share of EVIO common stock at a price of $0.40, and a share purchase warrant in the amount of one full Warrant per Unit. Each whole Warrant shall entitle the holder thereof to purchase one additional common share of the Offeror at an exercise price of US $0.65 per Warrant Share for a period of 24 months after the closing of the Offering.
The company shall use the net proceeds of the Offering to complete the relocation and improvements to its Massachusetts laboratory operations; to improve infrastructure at its Keystone Labs facility in Edmonton, Alberta; as well as for working capital and general corporate purposes.
EVIO announced in September of 2018 of the relocation of its Massachusetts lab to a larger, 5,000-square-foot facility in Framingham. As only the fourth cannabis testing lab in the Commonwealth, EVIO Massachusetts stands poised to provide much needed testing services to the state's expected billion dollar adult-use cannabis industry. CEO William Waldrop said, "The closing of the announced funding brings EVIO Massachusetts closer to the finish line." EVIO Massachusetts anticipates it will receive final licensing approval from the Cannabis Control Commission upon completion of its building inspections, and acceptance from their ISO 17025 accreditor, A2LA. Full operation of EVIO Labs Massachusetts is expected this summer.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States or to a U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements.
