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Blueberries Medical Closes a C$1.1 Million Placement of Shares; CEO Boosts Stake

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Blueberries Medical (BBM.CN) after trade Wednesday said it closed a non-brokered private placement of 84.6-million shares priced at C$0.013 per share, raising about C$1.1 million.

The proceeds will be used to expand operations and for general corporate and working capital, the company added.

The financing was led by Terraflos, a Latin American wellness and longevity investment group controlled by Blueberries' Chief Executive Facundo Garreton, according to the statement.

Before the offering, Facundo Garreton and Terraflos owned 62.54% of Blueberries Medical on an as-converted basis. Following the offering, their ownership increased to 67.98%, the company said.

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