It was announced this morning that Maple Leaf Green World's (TSXV:MGW) (OTC:MGWFF) (FRA:4HV) previously announced private placement of units has been oversubscribed. Maple Leaf Green World has received subscriptions for 7,866,600 Units at a subscription price of $0.70 CAD per Unit, for total gross proceeds of $5,506,620 CAD (approximately 4,205,405 USD at current exchange rates) and it intends to apply to the TSX Venture Exchange for final acceptance of the increased offering.
Each offered unit consists of one common share and one common share purchase warrant exercisable for two years from the date of closing at a price of $1.00. The strong interest from investors and the additional funds raised in the offering will allow Maple Leaf to accelerate the development of its British Colombia and Las Vegas, Nevada marijuana projects.
About Maple Leaf Green World Inc.
Maple Leaf Green World Inc. is a public Canadian company that focuses on the cannabis industry in North America. With over a decade of extensive greenhouse management experience, it applies its eco-agriculture knowledge and cultivation technology to produce contaminant-free organic cannabis products. Maple Leaf Green World is currently involved in three marijuana-related projects:
Canada – Maple Leaf Green World has applied for an ACMPR license for an 80,000 sq ft greenhouse complex in B.C. in August 2014 and is now in Stage 5 (Review) with Health Canada.
California – Maple Leaf Green World is in a joint venture with a Non-Profit Co-Op to cultivate cannabis for its members. The Company owns 20 acres of land and has 2 greenhouses in production since September 2016. The site on which the joint venture operates has capacity for additional greenhouses. Maple Leaf is also applying for a cultivation license in the San Diego area.
Nevada – Maple Leaf Green World is in the process of acquiring a cultivation permit for a 33,500 sq ft facility from an existing licensee and has plans for a facility operating in the city of Henderson, 15 miles from Las Vegas.
Maple Leaf Green World's long-term objective is to produce cannabis oil and export its products to approved countries.