- Pure Extracts upsizes private placement to total 16,900,000 special warrants at price of $0.505.
- PULL also received approval from OTC Markets, is trading on OTC Market under ticker symbol PRXTF.
- Trading under new OTC ticker is “major step forward,” says Company CEO.
Pure Extracts Technologies (CSE PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company, has increased its non-brokered private placement offering of special warrants; the original offering was announced on Dec. 16, 2020. The company also received approval from OTC Markets and is now trading on the OTC Market under the ticker symbol PRXTF.
The Company observed that the upsized private placement comprises 16,900,263 special warrants at a price of $0.505, which would result in gross proceeds for the Company of an estimated $8,534,632. The announcement explained that the Company anticipated using the proceeds from the placement for expanding the capacity of its extraction business as well as for general working capital.
Regarding trading on the OTC Market, Pure Extracts’ CEO Ben Nikolaevsky noted that “Trading under the new OTC ticker symbol PRXTF and applying for DTC eligibility is a major step forward in making it materially easier to welcome U.S.-based investors as new shareholders. This is an important step in amplifying our story to a wider audience and to grow our investor base.”
OTC Markets offer developing Canadian companies the opportunity to be publicly traded in the United States at lower cost and complexity than a U.S. exchange listing. Streamlined market standards allow Canadian companies to provide a strong baseline of transparency to inform and engage U.S. investors. To receive approval to trade on the OTC Markets, Canadian companies must be up-to-date in their SEDAR reporting and undergo regular verification and management certifications. Pure Extracts’ shares will continue to trade on the Canadian Securities Exchange (“CSE”) under the symbol ‘PULL’.
These announcements are indicative of Pure Extracts’ focus to strengthen and grow its presence in the cannabis, hemp and functional mushroom sectors as it leverages its expertise in extraction processes (https://ibn.fm/k2wpB). The Company’s forward-thinking strategy aligns with existing infrastructure and includes plans to develop high-bioavailable products and novel delivery methodologies, including tinctures, pills, capsules and edibles. One such venture, initiated in December, is its functional mushroom wellness business, which entails a process through which the active ingredients in mushroom biomass is concentrated into capsules and tinctures.
“Moving into the field of mushroom extractions is an obvious and exciting opportunity to leverage our advanced technology and proven capabilities,” said Nikolaevsky (https://ibn.fm/aP9p2). “We look forward to launching our functional products commercially within the next few months and can’t help but see the similarities to the cannabis sector regarding the pathways to both medical and recreational legalization. I believe our ability to immediately begin working in this burgeoning sector will create immense value for our business, our stakeholders, partners and shareholders alike.”
Headquartered just north of Whistler, British Columbia, Pure Extracts is a publicly listed, plant-based, extraction company that appears ideally positioned to be one of the dominant extraction companies in the rapid development and commercialization of functional mushroom and medicinal psychedelic products.
For more information, visit the company’s website at www.PureExtractsCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to PULL are available in the company’s newsroom at https://ibn.fm/PULL
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