Kelowna’s Forbidden Distillery has raised $3.6 million as it looks to expand its presence across the country and maybe even around the world.
The company completed the private placement with Spartan Acquisition Corp., issuing 12 million subscription receipts at a purchase price of 30 cents. The two companies are combining to create a new company called Forbidden Spirits Distilling Corp., the shares of which are anticipated to be listed on the TSX Venture Exchange.
“We are happy to reach our goal of raising 3.6 million dollars, and we look forward to the progress we can make expanding our portfolio of ultra-premiums spirits in Canada and overseas,” Forbidden CEO Blair Wilson said in a press release.
The $3.6 million gross proceeds total includes the repayment of $607,954 in debt.