DAVIDsTEA Closes $3.0 Million Private Placement

Core Viewpoint - DAVIDsTEA Inc. has successfully closed a private placement of units amounting to $3 million, aimed at expanding its store presence in Canada and supporting working capital needs [1][2]. Group 1: Private Placement Details - The private placement involved the issuance of 3,333,334 units at a price of $0.90 per unit, generating total proceeds of $3 million [2]. - Each unit consists of one common share and one-half of a common share purchase warrant, with full warrants allowing the purchase of additional shares at $1.25 for one year and $1.50 for the subsequent year [2]. - The warrants may expire if the closing price of DAVIDsTEA's shares reaches at least $2.00 for 20 consecutive trading days, with a notice period of 30 days for warrant holders [2]. Group 2: Company Overview - DAVIDsTEA is a leading North American tea merchant, offering a variety of high-quality proprietary loose-leaf teas, pre-packaged teas, and tea-related accessories through its e-commerce platform and wholesale channels [5]. - The company serves over 4,000 grocery stores and pharmacies, 1,500 convenience stores in Canada, and 900 grocery stores in the United States, alongside operating 20 company-owned stores in Canada [5]. - DAVIDsTEA focuses on innovative flavors and wellness-driven ingredients, launching seasonal collections to make tea enjoyable and accessible [5].