EVIO Inc. Closes First Tranche Equity Financing
HENDERSON, NV -- April 10, 2019 -- InvestorsHub NewsWire -- EVIO, Inc. (OTCQB: EVIO), (the "Company") a leading North American provider of hemp and cannabis testing for the regulated cannabis industry, is pleased to announce that it has closed an initial tranche in its offering ("Offering") of Units in the Company, for an aggregate amount of $586,000. The bulk of the Offering was completed on a best efforts basis through lead agent and bookrunner Dominick Capital Corporation of Toronto, Canada.
Each Unit consists of one share of EVIO common stock ("Stock") at a price of $0.40, and a share purchase warrant (each, a "Warrant") in the amount of one full Warrant per Unit. Each whole Warrant shall entitle the holder thereof to purchase one additional common share of the Offeror (each a "Warrant Share") at an exercise price of US $0.65 per Warrant Share for a period of 24 months after the closing of the Offering.
The Company shall use the net proceeds of the Offering to complete the relocation and improvements to its Massachusetts laboratory operations; to improve infrastructure at its Keystone Labs facility in Edmonton, Alberta; as well as for working capital and general corporate purposes.
EVIO announced in September of 2018 of the relocation of its Massachusetts lab to a larger, 5,000 sq ft. facility in Framingham. As only the fourth cannabis testing lab in the Commonwealth, EVIO Massachusetts stands poised to provide much needed testing services to the state's expected billion dollar adult-use cannabis industry. CEO William Waldrop said, "The closing of the announced funding brings EVIO Massachusetts closer to the finish line." EVIO Massachusetts anticipates it will receive final licensing approval from the Cannabis Control Commission upon completion of its building inspections, and acceptance from their ISO 17025 accreditor, A2LA. Full operation of EVIO Labs Massachusetts is expected this summer.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to a U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements.
About EVIO, Inc.
EVIO, Inc. is a life science company focused on advancing and analyzing cannabis as a means for improving quality of life. The Company provides analytical testing services, advisory services and performs product research in its accredited laboratory testing facilities. The Company's EVIO Labs division operating coast-to-coast provides state-mandated ancillary services to ensure the safety and quality of the nation's cannabis supply.
For more information, visit www.eviolabs.com
Safe Harbor Statement
Any statements in this press release that are not statements of historical fact maybe considered to be forward-looking statements. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at www.sec.gov or www.eviolabs.com