FinCanna Capital Corp. (“FinCanna”) and Astar Minerals Ltd. (“Astar”) formerly (TSXV:TAR) are pleased to announce that further to their news release of July 13, 2017, FinCanna and Astar have completed the contemplated plan of arrangement (the “Arrangement”).
Pursuant to the Arrangement, Astar acquired all of the issued and outstanding common shares of FinCanna in exchange for common shares of Astar on a one to one basis. In addition, each outstanding option and warrant to acquire a FinCanna common share became exercisable for one Astar common share. Under the terms of the Arrangement, FinCanna became a wholly-owned subsidiary of Astar and Astar, as the “Resulting Issuer”, will continue on with the business of FinCanna under the name “FinCanna Capital Corp.” Any reference to the “Resulting Issuer” in this news release refers to Astar following completion of the Arrangement and the foregoing name change.
Further to FinCanna’s news release dated December 19, 2017, FinCanna issued an aggregate of 12,373,580 subscription receipts (the “Subscription Receipts”) for gross proceeds of C$6,186,790 (the “Subscription Receipt Offering”). C$3,000,000 of the Subscription Receipt Offering was conducted on a brokered basis led by Canaccord Genuity Corp. (the “Lead Agent”) and consisted of a consortium of agents including the Lead Agent, Industrial Alliance Securities Inc. and Sprott Capital Partners. C$3,186,790 of the Subscription Receipt Offering was conducted on a non-brokered basis and was led Triview Capital Ltd.
In accordance with their terms, immediately prior to closing of the Arrangement, each Subscription Receipt was automatically converted for one FinCanna common share and one-half of one FinCanna warrant. Upon completion of the Arrangement, the FinCanna common shares were exchanged for common shares of the Resulting Issuer on a one for one basis. In addition, each whole FinCanna warrant is now exercisable for one Resulting Issuer share at an exercise price of C$0.75 until December 22, 2019.
In addition, the previously issued FinCanna convertible debentures (the “Debentures”) in the aggregate principal amount of C$945,443 also converted into units of the Resulting Issuer (“Units”) at a conversion price of C$0.50 per Resulting Issuer share. Each Unit consists of one common share of the Resulting Issuer and one-half of one warrant, with each whole warrant being exercisable into a common share of the Resulting Issuer at an exercise price of C$0.75 until December 22, 2019.
The total aggregate gross proceeds from the sale of the Debentures and Subscription Receipts was C$7,132,233.
Due to TSX Venture Exchange (“TSX-V”) policies prohibiting the listing of issuers with business activities in the U.S. cannabis sector, the Resulting Issuer has delisted its common shares from the TSX-V and applied to list on the Canadian Securities Exchange (“CSE”).
The Resulting Issuer has been conditionally approved for listing on the CSE and it is anticipated that the common shares of Resulting Issuer will begin trading on the CSE on December 29, 2017 under CUSIP 31773B105.
On December 27, 2017, FinCanna issued a total of 3,350,000 incentive stock options with an exercise price of $0.50 per Resulting Issuer share, including 300,000 incentive stock options to Kin Communications who has been engaged as FinCanna’s investor relations firm, and the remainder to executive management, directors, advisors and consultants.
About FinCanna Capital Corp.
FinCanna is a royalty company for licensed medical cannabis, with a focus on California. FinCanna, led by a team of finance and industry experts is building its portfolio of investments in scalable, best-in-class projects. FinCanna’s flagship investment is with Cultivation Technologies Inc. (“CTI”) to provide funding for its fully-entitled, large-scale indoor medical cannabis facility to be developed in Coachella, Southern California. This Coachella Campus will be a state-of-the-art facility that will include cultivation, extraction, manufacturing, testing and distribution. For additional information visit www.fincannacapital.com.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about how the Company will use proceeds of offerings, the Company’s future plans and its goals and expectations are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the 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. Such factors include, among others, the risks identified in the CSE listing statement and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).