Before the opening bell, Laguna Blends, Inc. (CSE: LAG) (OTC: LAGBF) (FRANKFURT: LB6A.F) announced a first tranche closing related to its non-brokered private placement. The first tranche closing included the issuance of 1,627,200 units at a price of $0.25 per unit for gross proceeds of $406,800. Each of these units includes one common share, as well as a purchase warrant entitling the holder to acquire an additional common share of Laguna’s stock at a price of $0.40, valid until August 25, 2017. Securities issued as part of the first tranche will be subject to a hold period expiring four months and one day from the original date of issuance. The Canadian Securities Exchange has granted Laguna an extension for the filing of final material related to the private placement to October 7, 2016. The company expects to close the final tranche on or before this date.
In recent weeks, Laguna has remained focused on expanding the reach of its affiliate marketing network across North America. In addition to its innovative beverage products capitalizing on the nutritional health benefits derived from hemp – including Caffe and Pro369 – the company recently entered an exclusive distribution agreement with ISO International, LLC to market, promote and distribute seven cannabidiol (CBD) skin care products developed by Cannaceuticals of California, USA (“Canna”). Through this agreement, Laguna will look to bolster the marketability of its affiliate marketing network with a line of proven skin care products while gaining access to the global skin care industry, which is estimated at $121 billion.
Laguna’s ongoing growth initiatives are being guided by an experienced management team that was recently expanded to include Bryan Loree as chief financial officer, corporate secretary and director. Through this appointment, which was announced early this month, Loree replaced Stuart Gray, the company’s founder and CEO, who was previously serving as acting CFO, adding roughly 10 years of accounting, finance and management experience to the Laguna team.
For more information, visit www.lagunablends.com
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