Xylitol Canada Inc. Announces Closing of $1 Million Financing
Toronto, Ontario--(Newsfile Corp. - November 24, 2017) - Xylitol Canada Inc. (TSXV: XYL) ("Xylitol" or the "Corporation") is pleased to announce that it has closed the previously announced non-brokered private placement offering today resulting in the issuance by the Corporation of 8,333,332 common shares (the "Common Shares") at a subscription price of $0.12 per share for aggregate gross proceeds of $1,000,000 (the "Offering").
In connection with the Offering Xylitol paid $7,200 in finder's fees to a finder of subscribers in the Offering. All securities issued pursuant to the Offering are subject to a four month hold period expiring March 25, 2018.
The Corporation intends to use the proceeds for general and working capital purposes.
Certain insiders of the Corporation subscribed for $680,000 worth of common shares in the Offering. Participation by such insiders in the Offering is considered to be a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101, as neither the fair market value of the securities being issued to insiders, nor the consideration being paid by such insiders, exceeds 25% of the Corporation's market capitalization.
About Xylitol Canada Inc.
Xylitol Canada Inc. is a consumer packaged goods business focused on an assortment of natural sweetener based products including xylitol, coconut palm sugar and honey. The Company operates a 30,000-square foot facility in Colorado, where it produces and packages a full catalog of natural sweetener products, most notably its natural sweetener alternatives. The Company services major retail customers such as Loblaws, Walmart, Whole Foods, Costco, Trader Joe's, Sprouts and distributors including UNFI and KeHE.
For more information about Xylitol Canada Inc. please contact:
CEO and a director of Xylitol Canada Inc.
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