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VANCOUVER, British Columbia, Sept. 04, 2018 (GLOBE NEWSWIRE) -- SpeakEasy Cannabis Club Ltd. (CSE: EASY) (Frankfurt: 39H) (the “Company” or “SpeakEasy”) a late stage ACMPR applicant is pleased to announce a non-brokered private placement of up to 3,000,000 units of the Company (the “Units”) at a price of $0.70 per Unit for aggregate gross proceeds of up to $2,100,000 (the “Offering”).
It is anticipated that the proceeds of the Offering will be used for working capital and general corporate purposes.
Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of a Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire an additional Common Share at a price of $1.00 for a period of 24 months from the closing of the Offering. The Units will be made available by way of prospectus exemptions in Canada and in such other jurisdictions as the Company may agree where the Units can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.
The Company anticipates significant insider participation in the Offering. The issuance of those Units to the insiders will be considered related party transactions within the meaning of Multilateral Instrument 61-101 ("MI 61-101"). The Company intends to rely on the exemptions from the requirements of MI 61-101 in respect of any insider participation.
Closing of the Offering is expected to occur on or about September 21, 2018 (the "Closing") and is subject to regulatory approval, including that of the Canadian Securities Exchange.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
About SpeakEasy Cannabis Club Ltd. (CSE:EASY)
SpeakEasy Cannabis Club is a late stage Access to Cannabis for Medical Purposes Regulations applicant that is leveraging three generations of farming experience and the largest land package of LP in Canada to produce the highest quality, small batch premium cannabis products. Set on 290 acres of the best agricultural land in Rock Creek, British Columbia, the 10,000 square foot optimized, indoor facility allows for the growth, production, and cultivation of premium small batch cannabis. SpeakEasy now represents a collective of the top cannabis growers in Canada, who have spent their lives perfecting the production of premium products. For more information visit: https://speakeasygrowers.com/
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause SpeakEasy’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include statements concerning SpeakEasy’s intent to complete a non-brokered private placement, insider participation in the Offering and the use of proceeds from the Offering. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.