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VANCOUVER, BC / January 31, 2019 / EastWest Bioscience Inc. (the “Company” or “EastWest“) (TSXV: EAST) is pleased to announce that it intends to complete a non-brokered private placement offering (the “Offering“) of a minimum 2,000,000 up to 6,666,667 units of the Corporation (“Units“) at a price of $0.15 per Unit for aggregate gross proceeds of a minimum $300,000 up to $1,000,000. Each Unit will consist of one common share in the capital of the Corporation (“Common Share“) and one-half of one share purchase warrant (“Warrant“), each Warrant entitling the holder thereof to purchase an additional Common Share at an exercise price of $0.20 per share for a period of two years from the date of closing.
Proceeds from the Offering will be used for working capital and general corporate purposes including payment of outstanding accounts payable. The Company may pay certain eligible finders a fee for introducing eligible participants to the Private Placement.
All of the Common Shares and Warrants issued pursuant to the private placement will be subject to a four-month hold period. The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
About EastWest Bioscience Group
EastWest Bioscience is a seed-to-sale organization that offers world class manufacturing and premium hemp-based consumer goods. Since it was founded in 2016, EastWest continues to grow as a high-quality producer, manufacturer and distributor of multiple lines of premium hemp products. EastWest is strategically positioned in mainstream consumer markets with wholistic natural products and has developed distribution channels into mainstream stores and markets in Canada. The Company has a Health Canada licensed, GMP (Good Manufacturing Practices) certified manufacturing facility and produces premium brands offering natural products for a preventive care lifestyle. EastWest consumer product lines are divided into four distinct brands: 1) Natural Advancement – natural biopharmaceutical health supplements; 2) Earth’s Menu – all-natural hemp superfoods; 3) Natural Pet Science – pet food and pet supplements; and 4) Chanvre Hemp – all-natural health and beauty products. The organization will continue to focus on ongoing development of innovative, hemp-based consumer products through advanced science with clean, natural ingredients to complement its current product offerings.
ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP
Co-Founder, Chief Executive Officer and Director
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.