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Feb 8, 2021

On February 8, 2021, Vext Science, Inc. (“Vext”) (CSE:VEXT) (OTCQX:VEXTF) concurrently completed its previously announced non-brokered private placement offering and its previously announced bought deal public offerings. The proceeds from both are expected to be used for corporate expansion projects and general corporate purposes.

The private placement offering of 1,395,000 units of the company was offered at a price of $1.12 per unit for aggregate gross proceeds of approximately $1.6 million. The public offering of 18,515,000 units of the company was offered at a price of $1.12 per unit for aggregate gross proceeds of approximately $20.7 million, including the exercise of the Underwriters’ over-allotment option in full.

In both offerings, each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one subordinated voting share at a price of $1.40 until February 8, 2024, subject to the accelerated exercise period, after which time the warrants will be void and of no value.

Vext is a vertically integrated US Cannabis THC and Hemp cannabinoid products company, manufacturing THC cartridges, concentrates, edibles, and accessories under the Vapen™ Brand, and Hemp based products under the Pure Touch Botanicals brand as well as the Vapen CBD brand. Based in Arizona, Vext has one of the leading THC concentrates, edibles, and distillate cartridge brands sold in most of the state’s 100+ dispensaries.

McMillan acted for Vext in connection with these transactions. James Munro led the expert team, comprised of Marina Tran and Jason Haley, in securing a favourable outcome for Vext.

As a national business law firm with exceptional capabilities to lead businesses through cross-border transactions and investments into Canada and within multifaceted regulatory regimes, McMillan provides real-time business solutions to our clients. Our Capital Markets & Securities Group is skilled at structuring and closing complex deals of all shapes and sizes in Canada, the US and internationally and in providing innovatie transactional advice and solutions. Our understanding of business imperatives and our relationships with the regulators helps our clients stay ahead.