KELOWNA, BC / ACCESSWIRE / February 03, 2017 / Laguna Blends, Inc. (CSE:LAG) (OTC PINK: LAGBF) (Frankfurt:LB6A.F) (the "Company" or "Laguna") is pleased to announce the closing of the first tranche of its non-brokered private placement (the "Private Placement"). The first tranche consisted of the issuance of 5,543,329 units at a price of $0.15 per unit for gross proceeds of $831,500. Each unit consists of one common share and one share purchase warrant, each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.25 per warrant share for a period of twelve months. The Warrants are subject to an acceleration provision of the Company whereby, in the event that the Company's common shares trade above $0.30 per share on the Canadian Securities Exchange (CSE) for a period of ten consecutive trading days, the warrants will terminate on the date that is 30 days following receipt of a call notice in the event the holder has not exercised the warrants by such date.
All securities issued are subject to a hold period expiring four months and one day from the date of issuance. In connection with the private placement, the company paid a cash or shares finder's fee of up to 7 per cent.
The Company has received additional subscription agreements for $140,250, which will be included in the second tranche. The Company anticipates closing the second tranche of the financing next week.
The Company would also like to announce that it has entered into a consulting agreement with KannaFund Holdings LLC. to provided business development services. KannaFund has been working closely with Laguna Blends over the past six months to assist with closing the Carlsbad agreement. In connection with the consulting agreement, the Company will issue the consultant 1,000,000 common shares.
About Laguna Blends Inc.
Laguna Blends is a market leader in the distribution of Hemp and CBD products. Lagunas growth strategy includes acquiring and incubating companies who formulate and or manufacture Hemp products. Laguna Blends markets Hemp products utilizing its B to B Network along with driving traffic to its Club 8 online marketplace. Laguna's intent is to provide the highest quality hemp product experience for the end user, utilizing a proprietary nanotechnology in many of its consumable and topical skin care products. Laguna is currently seeking joint ventures and acquisitions to expand its portfolio and will aggressively begin international expansion into Asia and Europe in 2017.
ON BEHALF OF THE BOARD
"Ray Grimm Jr"
CEO, President & Director