Bright Green Announces Closing of $3.5 Million Private Placement
24 Maggio 2023 - 10:00PM
Bright Green Corporation (NASDAQ: BGXX) (“Bright Green” or “the
Company”), one of the very few companies selected by the U.S.
government to grow, manufacture, and sell, legally under federal
and state laws, cannabis and cannabis-related products for
research, pharmaceutical applications, and affiliated export, today
announced the closing of its previously announced private placement
of common stock and warrants.
The Company sold 3,684,210 shares of common
stock and warrants to purchase 3,684,210 shares of common stock, at
a purchase price of $0.95 per share and accompanying warrant. The
warrants will be immediately exercisable from the date of issuance
at an initial exercise price of $0.95 per share, subject to
adjustments as set forth therein, and will expire five years from
the date of issuance. The gross proceeds to the Company from the
private placement are expected to be approximately $3.5 million
before deducting the placement agent's fees and other estimated
offering expenses.
EF Hutton, division of Benchmark Investments,
LLC, acted as the exclusive placement agent for the offering.
Bridgeway Capital Partners served as financial advisor to Bright
Green on the offering.
The securities were offered in a private
placement under Section 4(a)(2) of the Securities Act of 1933, as
amended (the "Act"), and Regulation D promulgated thereunder and
have not been registered under the Act, or applicable state
securities laws. Accordingly, the securities may not be offered or
sold in the United States except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements of the Act and such applicable state
securities laws. Pursuant to a registration rights agreement with
the investors, the Company has agreed to file one or more
registration statements with the Securities and Exchange Commission
(the “SEC”) covering the resale of the shares of common stock and
the shares issuable upon exercise of the warrants.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Bright Green
Bright Green is one of the very few companies
authorized by the U.S. government to grow, manufacture, and sell,
legally under federal and state laws, cannabis and cannabis-related
products for research, pharmaceutical applications, and affiliated
export. Our registration by the U.S. Drug Enforcement
Administration gives us the opportunity to advance our vision of
improving quality of life through the opportunities presented by
cannabis-derived therapies. To learn more, visit
www.brightgreen.us.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date they were first
issued and were based on current expectations, estimates,
forecasts, and projections as well as the beliefs and assumptions
of management as of such date. Words such as “expect,”
“anticipate,” “should,” “believe,” “hope,” “target,” “project,”
“goals,” “estimate,” “potential,” “predict,” “may,” “will,”
“might,” “could,” “intend,” “shall” and variations of these terms
or the negative of these terms and similar expressions are intended
to identify these forward-looking statements. Such forward-looking
statements include those related to the closing of the private
placement. Forward-looking statements are subject to a number of
risks and uncertainties, many of which involve factors or
circumstances that are beyond the Company’s control. The Company’s
actual results could differ materially from those stated or implied
in forward-looking statements due to a number of factors, including
but not limited to, risks detailed in the Company’s Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q, as well as other
reports and documents that may be filed by the Company from time to
time with the SEC. The forward-looking statements included in this
press release represent the Company’s views as of the date of this
press release. The Company anticipates that subsequent events and
developments will cause its views to change. The Company undertakes
no intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. These forward-looking statements should not be relied
upon as representing the Company’s views as of any date subsequent
to the date of this press release. Additional information regarding
these and other factors that could affect the Company’s results is
included in the Company’s SEC filings, which may be obtained by
visiting the SEC's website at www.sec.gov.
Bright Green Media
ContactBrightGreen@edelman.com
Bright Green Investor Relations
ContactBrightGreenIR@edelman.com
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