Before
the opening bell, Laguna Blends, Inc. (CSE: LAG) (OTC: LAGBF) (FRANKFURT:
LB6A.F) announced a first tranche closing related to its non-brokered private
placement. The first tranche closing included the issuance of 1,627,200 units
at a price of $0.25 per unit for gross proceeds of $406,800. Each of these
units includes one common share, as well as a purchase warrant entitling the
holder to acquire an additional common share of Laguna’s stock at a price of
$0.40, valid until August 25, 2017. Securities issued as part of the first
tranche will be subject to a hold period expiring four months and one day from
the original date of issuance. The Canadian Securities Exchange has granted
Laguna an extension for the filing of final material related to the private
placement to October 7, 2016. The company expects to close the final tranche on
or before this date.
In
recent weeks, Laguna has remained focused on expanding the reach of its
affiliate marketing network across North America. In addition to its innovative
beverage products capitalizing on the nutritional health benefits derived from
hemp – including Caffe and Pro369 – the company recently entered an exclusive
distribution agreement with ISO International, LLC to market, promote and
distribute seven cannabidiol (CBD) skin care products developed by
Cannaceuticals of California, USA (“Canna”). Through this agreement, Laguna
will look to bolster the marketability of its affiliate marketing network with
a line of proven skin care products while gaining access to the global skin
care industry, which is estimated at $121 billion.
Laguna’s
ongoing growth initiatives are being guided by an experienced management team
that was recently expanded to include Bryan Loree as chief financial officer,
corporate secretary and director. Through this appointment, which was announced
early this month, Loree replaced Stuart Gray, the company’s founder and CEO,
who was previously serving as acting CFO, adding roughly 10 years of
accounting, finance and management experience to the Laguna team.
For
more information, visit www.lagunablends.com
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