The Tinley Beverage Company

LOS ANGELES and TORONTO, June 11, 2021 (GLOBE NEWSWIRE) -- The Tinley Beverage Company (CSE:TNY, OTC:TNYBF) ("Tinley's" or "Company") is pleased to announce that it has closed a C$2.4 million private placement to advance its co-packing and branded product growth. Closing occurred on June 10, 2021.The Company continues to make capital investments to expand the scope of product formulation types and packaging formats that can be produced at its cannabis beverage manufacturing facility in Long Beach, California. The mini line and bottling lines have significant bookings in June and July, including third-party brands as well as manufacturing additional inventory of the Company's own products to fulfill dispensary demand. The commissioning of the canning line is currently expected to be completed this month, with initial clients currently slated to run in July. The heat tunnel pasteurization unit, for which there is already scheduled demand, is currently expected to be commissioned and running in July as well."We are delighted to continue our track record of primarily attracting quality institutional investors to our financings. We believe that this reflects increasing confidence in the growth of our co-packing client list and volumes and in our continued ability to obtain listings with marquee dispensaries and mainstream retailers," said Ted Zittell, Director of Tinley's.The non-brokered private placement ("Offering") resulted in gross proceeds of C$2,416,250 from the issue and sale of 7,321,971 units ("Units"). Each Unit has been purchased for C$0.33 and is comprised of one common share of Tinley ("Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one Common Share ("Warrant Share") at a price of C$0.42 for a period of 24 months following the closing. In connection with this closing, Tinley paid finders approximately C$10,000 and issued aggregate of 29,750 broker units ("Broker Unit Options"). Each Broker Unit Option entitles the holder to acquire one Unit ("Broker Unit") at an exercise price of C$0.33 for a period of 24 months following the closing of the Offering, with each Broker Unit comprised of one Common Share and one-half of one Warrant. The Common Shares, Warrants...