Aura Health Inc. (the “Company” or “Aura”) (CSE:BUZZ) is very pleased to announce it has entered into a binding letter of intent (“LOI”) to subscribe to an unsecured convertible note (“Convertible Note”) in Holycanna Ltd. (“Holycanna”), an Israel-based company with an cultivation and sales license application (“License Application”) submitted to the Israeli Ministry of Health (“Yakar”). Upon approval of the License Application, the Company’s Convertible Note will automatically convert to a majority (54%) equity stake in Holycanna.
Terms of the LOI are as follows (all figures in CAD$, converted at today’s NIS/CAD spot rate):
- The Company will provide Holycanna with a bridge loan (“Bridge Loan”) in the principal amount of $356,606. The Bridge Loan will be non-interest-bearing debt due on November 1st, 2018, upon which the Bridge Loan will be cancelled and converted to principal within the Convertible Note investment;
- On November 1st, the Company will subscribe for the Convertible Note in the maximum principal amount of $3,566,060, which will be advanced in tranches, on the following timetable:
- $713,212 – by November 1st, 2018;
- $1,248,121 – by January 1st, 2019;
- The remaining sum ($1,248,121) will be advanced by the Company upon request made by Holycanna;
- The Convertible Note will be converted into equity automatically upon License Application approval.
Daniel Cohen, CEO of Aura, commented, “We are excited to announce this transformational acquisition and look forward to developing our international expansion further. The Israel market provides significant opportunity for value creation both within the country and through future potential export opportunities. As a company, we seek acquire and develop differentiated, value-added cannabis businesses and we believe Holycanna fits very well within this strategy.”
About Aura Health Inc.
Aura, through its wholly-owned Delaware subsidiary, Green Global Properties Inc. (“Green Global”), owns a 30% interest in four medical marijuana clinics in Las Vegas, Nevada; Mesa, Arizona; Tucson, Arizona and Hollywood, Florida, respectively. Green Global has an option to increase its interest in each such clinic (other than the Nevada clinic) to 51%.
For further information, please contact:
Daniel Cohen, CEO
Aura Health Inc.
David Posner, Director and Chairman
Aura Health Inc.
Caution Regarding Forward-Looking Information:
This news release may contain forward-looking statements and information based on current expectations. Any such forward-looking statements may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans” and similar expressions. Forward looking information in this news release includes the following statements: (i) expected trading date on the CSE; (ii) management’s belief that the listing on the CSE will increase pool of potential investors and bring other benefits, and (iii) management’s plan to build an international network of vertical integrated businesses in the medical marijuana field.
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Corporation’s future performance and which is inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “budget”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this press release includes, but is not limited to, final acceptance of the RTO Transaction by CSE and listing of the Corporation’s shares. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Corporation believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release include, but are not limited to: the risks that the RTO Transaction and associated transactions will not be accepted by the CSE, and other risks included in the Listing Statement available at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
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