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RavenQuest BioMed completes C$2.1M placement of units

RavenQuest BioMed Inc. completed a private placement of units to raise gross proceeds of C$2.1 million.

The Vancouver, British Columbia-based cannabis company sold 3,523,832 units at 60 Canadian cents each.

Each unit consists of one common share of the company and one half of a share purchase warrant. The two-year warrants are exercisable at 80 cents per common share, subject to accelerated expiry if the closing price of RavenQuest's shares exceed C$1.60 for 10 consecutive trading days.

RavenQuest plans to use the proceeds for general corporate purposes.