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The BC Bud Corporation (OTCQB:BCBCF) (CSE:BCBC) has closed an initial tranche of its non-brokered private placement. Gross proceeds of $52,500 were raised through the sale of 700,000 units at a price of $0.075 per unit. Each unit comprised one common share and one share purchase warrant. Each whole warrant entitles the holder to purchase a further common share at a price of $0.15 per share until August 4, 2026.
No finder's fees were paid in connection with the initial tranche of the placement. All securities issued in the first tranche are subject to a hold period in Canada expiring on December 5, 2023. Proceeds of the placement will be utilized for business development and general working capital purposes.
BC Bud Holdings Corp., ("Holdings") a subsidiary of the company, has entered into an amending agreement with Sutton Ventures Ltd., a private entity owned and controlled by CEO, Brayden Sutton, to increase the amount of the secured loan dated January 22, 2021 from $100,000 to $150,000 (the "amendment"). All other terms of the loan remain the same.
Additionally, Holdings has also entered into a loan agreement dated August 4, 2023 with Cybin Therapeutics Inc. pursuant to which Cybin has advanced to Holdings the principal amount of $60,000. The loan is due on July 30, 2024 and bears interest at a rate of 8% per annum, payable upon maturity. The loan will be secured by a general security interest in the personal property of Holdings. Cybin is a private entity in which both Brayden Sutton, CEO and director and Josh Taylor, president and director, are controlling shareholders.
As both Sutton and Cybin are controlled by directors of the company, the amendment and the loan constitute "related party transactions" as such term is defined under Multilateral Instrument 61-101 - Protection of minority security holders in special transactions.
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