Global Gardens Group Inc. (CNSX:VGM) announced a non-brokered private placement of 51,320,000 units at CAD 0.10 per unit for aggregate gross proceeds of CAD 5,132,000 in its first tranche closing on August 4, 2016. Each unit consists of one common share and one half of one share purchase warrant. Each warrant entitles the holder to purchase one common share at CAD 0.25 per share for a period expiring on August 4, 2018, provided that if the closing price of the company's shares on any stock exchange or quotation system on which the shares are then listed or quoted is equal to or greater than CAD 0.30 for a period of 10 consecutive trading days, the company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. as per Vancouver time on a date that is not less than 10 business days from the date notice is given. The transaction involved participation from Mei Zhan Liu for 8,000,000 units representing 7.35% of company’s issued shares and Hui Ning Cen for 15,000,000 units representing 13.78% of company’s issued shares. The company paid finder's fee of CAD 513,200 in the tranche.