LEEF Brands raises C$2.09 million in oversubscribed private placement

LEEF Brands Inc. (CSE: LEEF, OTC: LEEEF) completed a private placement offering that raised C$2,090,890 through the issuance of 8,363,560 units at C$0.25 per unit. The cannabis operator said the offering was approximately twice the size of the original placement.

Each unit consists of one common share and one warrant that allows the holder to purchase an additional common share at C$0.30 for 24 months from the closing date. The offering was conducted under the listed issuer financing exemption and other applicable prospectus exemptions under National Instrument 45-106.

"We are grateful for the strong support from our investors, which has enabled us to close this Offering at twice our original expectation," said Micah Anderson, CEO of LEEF Brands. The company plans to use proceeds to expand its New York presence and develop its California farm operations.

CFO Kevin Wilson stated that the financing positions the company to "accelerate our growth in two key markets: expanding our New York footprint and enhancing production at our California farm."

Company insiders Micah Anderson and Kevin Wilson participated in the offering, constituting a related party transaction under Multilateral Instrument 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements as the transaction value did not exceed 25% of the company's market capitalization.

LEEF Brands also issued 272,000 common shares to a service provider for services rendered and 36,000 common shares upon exercise of employee stock options. The Vancouver-based company operates cannabis extraction and manufacturing facilities in California and New York.

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