Blueberries Medical Corp. is raising approximately C$1.05 million (US$740,000) through a non-brokered private placement of 96,064,935 common shares at C$0.011 per share. The proceeds will be used to fund and expand operations, as well as for general corporate and working capital purposes. The offering is expected to close around March 25, 2024, and is being led by Terraflos Inc., a company controlled by Blueberries’ Chairman and CEO, Facundo Garreton.
This financing is crucial for Blueberries as it provides the necessary capital to scale its operations and potentially expand its market reach. The investment by Terraflos, along with participation from other insiders, demonstrates confidence in Blueberries’ growth strategy within the Latin American cannabis market. This infusion of capital could be particularly impactful for a company operating in the rapidly evolving cannabis sector, enabling Blueberries to capitalize on emerging opportunities.
The investment from Terraflos, led by Blueberries’ Chairman and CEO, raises potential concerns about related-party transactions. However, the company claims exemption from certain regulatory requirements based on MI 61-101. The participation of company insiders like Mr. Garreton and director Guillermo Rodriguez signals their belief in the company’s potential. This private placement significantly increases the number of outstanding shares, which could dilute existing shareholders’ equity.
This funding round allows Blueberries to pursue its strategic objectives, including expanding its cultivation and production capacity. The success of this financing round and the subsequent deployment of capital will be critical for Blueberries to achieve its growth targets and solidify its position in the Latin American cannabis market. The company’s ability to effectively utilize these funds will significantly impact its future performance and competitiveness.
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
