1933 Industries (CSE: TGIF) announces private placement
You can’t help but be positively impressed by the market action of 1933 Industries Inc. (CSE: TGIF) (OTCQX: TGIFF) this week. As reported here last week, TGIF announced it is accelerating the expiry of private placement common share purchase warrants bearing an expiry date of April 24, 2019, May 17, 2019 and June 14, 2019. These warrants will now expire on April 4, 2019, and any Warrants not surrendered for exercise on or before 5:00 PM PST on April 4, 2019 will expire unexercised and become null and void.
This week TGIF announced a private placement of 10,000,000 units at $.45 per unit made up of one common share and one common share purchase warrant exercisable at $.50 per share for a period of two years. Of course in the Press Release announcing the offering, it was also reported that the Offering was fully subscribed. It was later announced the offering was closed and Paul Rosen was the sole placee.
Paul Rosen is a well-known cannabis entrepreneur, management consultant and public speaker. Rosen was a co-founder of PharmaCan Capital and served as President and Chief Executive Officer for three years before it was rebranded to Cronos Group (NASDAQ: CRON) (TSX: CRON). He is also a founder and former CEO and Chairman of the Board of Tidal Royalty Corporation and is on the Boards of iAnthus Capital Holdings (CSE: IAN), Hill Street Beverages (TSXV: BEER) and High Tide Ventures (CSE: HITI).
I believe Rosen is a major addition to TGIF’s management team and Paul Rosen will make an important contribution to the Company. We might not see TGIF trading at these levels again.