Aura Health Inc. (CSE:BUZZ) is pleased to provide further clarity on the press release dated February 21, 2019 with regards to the upsized private placement subscription receipt offering (the “Offering”), including the participation by a strategic investor and the divestiture by Aura of certain non-material U.S. assets.
Aura is currently in the process of divesting its 30% interest in four medical marijuana clinics in the U.S. (the “U.S. Assets”). The proceeds from the sale of the U.S. Assets are not expected to be material to the Company.
The divestiture of the U.S. Assets will constitute an additional escrow release condition to be satisfied in order for the escrowed funds to be released to the Company pursuant to the Offering.
The Company respects the clarification provided by Aleafia Health Inc.’s February 21, 2019 press release and their notification not to proceed with their previous investment discussions in the Company at this time.
Pursuant to the terms of the private placement to issue and sell up to $7.26 million of subscription receipts at $0.22, the first close is expected to occur on or about February 27, 2019.
About Aura Health Inc.
Aura Health is building an international network of vertically integrated cannabis assets. Through an established product line of cannabis-infused edible products and oil extracts, Aura is dedicated to building a high margin downstream business in the medical marijuana sector. The Company holds convertible debt that converts to 54% equity of HolyCanna, a cultivation and nursery license holder in Israel.
For further information, please contact:
Daniel Cohen, CEO
Aura Health Inc.
David Posner, Chairman
Aura Health Inc.
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include the participation of Aleafia in the Offering, the divestiture of the U.S. Assets and the completion of the Offering, among others. There is no certainty that any of these events will occur. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.