Captiva Verde Land Corp: Captiva Verde Announces Non-Brokered Private Placement for Gross Proceeds of $2.7 Million
Captiva Verde Land Corp.
Captiva" or the "
Company"), is pleased to announce that the Company is proceeding with a non-brokered private placement of 10,000,000 units (the "Units") at $0.27 per Unit for gross proceeds of $2,700,000 (the "Offering"). Each Unit will consist of one common share of the Company and one warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company (a "Warrant Share") at a price of $0.75 per Warrant Share until February 8, 2023.
It is expected that Greenbriar Capital Corp. ("Greenbriar") will subscribe for 8,000,000 Units of the Offering. Greenbriar originally owned about 12% of the common shares of the Company when the Company's common shares listed in 2018. Through subsequent share issuances by the Company, dilution has brought the Greenbriar holdings down to 7.64%. By purchasing a further 8,000,000 Units, Greenbriar will increase its holdings from its original 10,687,500 common shares to 18,687,500 common shares, or 12.46%, which is close to its original undiluted ownership percentage. Greenbriar expects several of the Captiva projects to substantially monetize in 2021 and therefore considers the investment in the Greenbriar-Captiva Verde JV as a significant accretive value proposition.