Enertopia (CSE:TOP) (OTCBB:ENRT) has closed the final tranche of its private placement financing first announced in November, with the new funds to be used for opportunities in the medical marijuana and health and wellness industries.
The C$35,400 tranche consisted of 590,000 common shares at a price of 6 Canadian cents apiece, and 590,000 whole warrants that expire in March 2018 with an exercise price of 10 US cents for the first two years and US 15 cents for the remaining third year.
The first tranche of the financing closed in January, when the company raised C$99,900.
Enertopia recently announced plans to delve into a new market with tons of growth potential, with a product that is set to be among the first of its kind in the $20 billion sexual health industry.
The promise of success is evident, proven by the company's partnership with none other than Maureen McGrath, the renowned "sexpert" and the host of the popular Sunday Night Sex Show on CKNW Radio.
In February, Enertopia announced its move into the health and wellness sector, as plans to obtain a medical marijuana producer's license for a facility in Ontario were taking longer than originally expected. Its first product in its new foray is called V-Love TM for women, a topical gel designed to bolster women's sexual pleasure. The active ingredients are designed to increase the blood flow to the female genitalia.
With plans to introduce the V-Love gel in Canada and the US this year, it is also planning the release of a second product in the US. This will be the V-Love gel infused with hemp oil-derived cannabidiols (NYSE:CBD), which are known to have antioxidant properties.