Brand X Lifestyle Corp. Announces Completion of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2021) - Brand X Lifestyle Corp., (CSE: BXXX) ("Brand X" or the "Company") has issued 7,595,000 units in a non-brokered private placement at a price of $0.079 per unit for gross proceeds of $600,005.00.
The private placement is subject to the approval of the Canadian Securities Exchange ("CSE") and the securities will be subject to a four-month hold period under securities laws. The company intends to use the net proceeds from the private placement for working capital purposes.
Each unit consists of one common share in the capital of the Company and one common share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company, at an exercise price of $0.105 per share, for a period of five years from the date of issuance.
Total proceeds from insider participation in the private placement are $94,800.00. Insider participation in the private placement is a related party transaction within the meaning of Multilateral Instrument 61-101. The Company has determined that the transaction is exempt from formal valuation and minority shareholder approval requirements of MI 61-101 because neither the fair market value of any shares issued to or the consideration paid by insiders exceeded 25 per cent of the company's market capitalization.
About Brand X Lifestyle Corp.
Brand X (CSE: BXXX) is an investment issuer that actively invests in a diversified portfolio of early-stage to mid-level companies. Brand X leverages its extensive network of operators and global thought leaders to provide investors with unparalleled access to investments that are not normally accessible to the average retail investor.
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