Beleave Announces Increased Investment Agreement with Alumina Partners and Executive Management Update
Beleave Inc. (CSE:BE) (“Beleave” or the “Company”) is pleased to announce it has amended its non-exclusive investment agreement with Alumina Partners, LLC, a New York-based private investment partnership, providing the availability of up to CAD $30 million (previously CAD $20 million) over a 24-month period, to take advantage of new opportunities, increase operating flexibility, and strengthen the Company’s balance sheet.
Pursuant to the terms of the amended agreement, Alumina Partners will increase its commitment to purchase up to CAD $30 million (previously CAD $20 million) units of the Company, consisting of one common share and one common share purchase warrant. The unit price will be determined within the regulatory issuance maximum discount of up to 20% (previously up to 25%) of the share price at the time of drawdown. Each offering occurring exclusively at the option of the Company throughout the term of the agreement. The exercise price of the warrants will be at a 50% premium (previously 25%) over the market price at time of issuance.
“This agreement provides compelling value and liquidity to our shareholders” said Andrew Wnek, Beleave CEO. “We’ve increased the available access to capital while securing terms that are more advantageous to Beleave.”
EXECUTIVE MANAGEMENT UPDATE
The company also announced executive management changes that will encourage increased collaboration between the Company’s expanding operations. As part of these changes, Andrew Wnek and Bojan Krasic have been appointed to new positions within the Company as they expand the scope of their responsibilities.
Andrew Wnek has been appointed as Chairman by the Board of Directors. Mr. Wnek joined the Board in December 2015and was appointed CEO of Beleave in October 2017. His appointment as Chairman provides continuity in the newly restructured Board as it seeks to take advantage of new and developing opportunities in the evolving cannabis industry.
“We are in one of the most exciting periods of innovation and change in Canada’s history, and Beleave plays an active part in that story thanks to our relentless focus and strong leadership,” said Wnek. “I thank the Board for this appointment and look forward to working together on everything that lies ahead as we implement our growth strategy for 2019 and beyond.”
Along with Andrew Wnek’s appointment, the Company also announced that current CFO Bojan Krasic will have additional responsibilities in his newly appointed role as President and CFO of the Company. Mr. Krasic joined Beleave in early 2013 and has been integrally involved in developing the Company’s partnerships and instrumental in raising capital to fund new opportunities, increasing operating flexibility, and strengthening the Company’s balance sheet. In his expanded role, Mr. Krasic will also provide leadership to the sales, marketing, and retail teams, while providing operational oversight to the Company’s increasing production and scientific research operations.
Beleave also announced that it has granted 200,000 stock options to purchase common shares to each Mark Heseltonand Mark Miles, appointed Directors of Beleave in accordance with the Company’s stock option plan. Each option is exercisable to purchase one common share of the Company at $1.75 per common share. All options vest immediately and have a five-year term.
All common share and option issuances are subject to applicable regulatory approvals (including the Canadian Securities Exchange).
ABOUT BELEAVE INC.
Beleave is a vertically-integrated Canadian cannabis company headquartered in Oakville, Ontario, that operates streamlined facilities throughout Canada to cultivate high-quality cannabis flower, oil, and extracts with funded capacity in excess of 150,000 kg per year.
Fully-licensed to cultivate and sell medical and recreational cannabis, Beleave is leading the way through research partnerships with universities to bridge the gap between science and tradition and to develop pharma-grade extracts and derivatives. Beleave is currently developing new product lines for October 2019 as the recreational market is expected to allow for food and beverage-based cannabis products.
Beleave is growing its storefront and online sales presence rapidly through its wholly-owned subsidiaries, Beleave Kannabis Corp. and Seven Oaks, which are licensed for medicinal and recreational sales respectively. The company’s first retail location is opening this fall in Llyodminster, Saskatchewan. Beleave has also developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.
Through its majority ownership of Procannmed S.A.S., Beleave has access to 27 hectares of outdoor grow space and is fully licensed to cultivate, produce, extract and distribute medical cannabis in Colombia to capitalize on exports and the expanding Latin American market.
This news release contains “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). The use of any of the words “plan”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents, which can be found under the Company’s profile on www.sedar.com.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.