Nabis Holdings announces closing of a non-brokered private placement financing for gross proceeds of $252,000

Nabis Holdings Inc. (CSE:NAB) (OTCQB:NABIF) (FRA:A2P0) has announced the closing of a non-brokered private placement financing for gross proceeds of $252,000 through the issuance of 1,400,000 common shares at a price of $0.18 each.

The company said gross proceeds raised from the offering will be used for working capital and general corporate purposes. The securities issued upon closing of the offering are subject to a hold period until September 14, 2021, under applicable securities laws.

READ: Nabis Holdings provides update on its Arizona cannabis operations; settles lawsuit

In an update on its Arizona operations in February, Nabis noted that Perpetual Healthcare Inc received its “Dual License” from the Arizona Department of Health Services, enabling it to sell cannabis products to adult users in addition to continuing to service its established medical clientele. Perpetual intends to commence sales to the “adult use” market as quickly as practicable. 

Nabis also noted that PNTM Management Services LLC, the plaintiff in the previously announced lawsuit against the company’s wholly-owned subsidiary Nabis AZ LLC, has agreed to a stipulation to dismiss after Nabis discharged its US$8.5 million deferred payment obligation to PNTM in respect of an asset purchase agreement for the assets and management agreement relating to the operation and management of Perpetual Healthcare Inc.

The company said funding for the PNTM obligation was obtained from an unsecured US$9 million, 1-year loan bearing interest at 12%. The remainder of the proceeds from the loan will be used for general corporate purposes. 

Nabis Holdings is a Canadian investment issuer that invests in assets across multiple industries, including real property and the US and international cannabis sector. 

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