Adaptogenics closes oversubscribed private placement raising $327,000

Adaptogenics Health Corp. (CSE: ADPT) has closed a non-brokered private placement of 4,087,500 common shares at $0.08 per share, raising aggregate gross proceeds of $327,000, according to a company statement.

The offering exceeded its original target of up to $320,000. No finder's fees were paid in connection with the placement.

Two directors of the company participated in the placement, acquiring a combined 750,000 shares for aggregate gross proceeds of $60,000. The company said it is relying on exemptions under Multilateral Instrument 61-101 from formal valuation and minority shareholder approval requirements, as the value of shares issued to the directors does not exceed 25% of the company's market capitalization.

All shares issued are subject to a hold period of four months plus one day, expiring January 29, 2027.

The company said net proceeds will be used for general working capital purposes. Adaptogenics is a Canadian nutraceutical company focused on functional mushroom products and nutritional supplements.

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