Inner Spirit Holdings Announces $7.5 Million Offering of Secured Convertible Debenture Units
Inner Spirit Holdings Ltd. (CSE:ISH) is pleased to announce that it has filed and been receipted for a preliminary short form prospectus with securities regulatory authorities in all provinces of Canada (except Québec) in connection with a proposed “commercially reasonable efforts” offering (the “Offering”) of up to 7,500 convertible debenture units of the Company (the “Initial Units”) at a price of $1,000 per Initial Unit for aggregate gross proceeds of up to $7,500,000. The Offering is being made through a syndicate of agents, co-led by Acumen Capital Finance Partners Limited, as sole bookrunner, and Canaccord Genuity Corp. (the “Co-Lead Agents”). The completion of the Offering is expected to take place on or about May 24, 2019, or such other date or dates as may be agreed upon by the Company and the Co-Lead Agents (the “Closing Date”).
The Company has also granted to the Agents an over-allotment option (the “Over-Allotment Option”), exercisable from time to time in whole or in part, in the sole discretion of the Agents, up to 30 days from the Closing Date, to arrange for the sale of up to an additional 2,500 convertible debenture units (the “Additional Units”, and together with the Initial Units, the “Debenture Units”) for additional gross proceeds of up to $2,500,000 (or a total of $10,000,000 in aggregate gross proceeds if the Over-Allotment Option is exercised in full), on the same terms as the Initial Units to cover over-allotments, if any, and for market-stabilization purposes.
Each Debenture Unit will consist of (i) one 12% senior secured convertible debenture of the Company in the principal amount of $1,000 (each, a “Debenture”) with interest payable semi-annually in arrears on June 30 and December 31 of each year, commencing June 30, 2020, and maturing on June 30, 2022 (the “Maturity Date”), and (ii) 2,000 common share purchase warrants (each, a “Warrant”) of the Company, each Warrant entitling the holder thereof to purchase one common share in the capital of the Company (a “Common Share”) at an exercise price equal to $0.25 for a period of eighteen (18) months following the Closing Date.
The Company intends to use the net proceeds of the Offering to (i) fund the build-out of six additional wholly-owned corporate Spiritleaf-branded retail cannabis stores; (ii) purchase cannabis inventory for corporate Spiritleaf-branded retail cannabis stores; (iii) acquire and maintain real estate leases in the Province of Ontario; (iv) purchase Spiritleaf custom inventory for sale to franchisees of Spirit Leaf Inc., the Company’s wholly-owned subsidiary; (v) repay existing indebtedness; and (vi) for working capital and general corporate purposes.
“Our first six Spiritleaf franchise locations are now open across Canada, with a seventh store scheduled to open in Edmonton, Alberta on May 10. Our objective for the coming year is to open 10 corporate outlets in high-traffic locations in Calgary, Edmonton, Canmore, Jasper and Fort McMurray, as well as an additional 50-plus franchise stores throughout the country as regulatory and product supply issues are ironed out. We were recently informed that Spiritleaf has been accepted to participate in the next round of the Manitoba license lottery with results expected on May 15. We believe our continued expansion will provide us with a truly national network with strong brand recognition and quality in-store experiences for Canada’s recreational cannabis consumers,” said Darren Bondar, President and CEO of Inner Spirit.
The principal amount of each Convertible Debenture (the “Principal Amount”) will be convertible, for no additional consideration, into Common Shares (“Debenture Shares”) at the option of the holder at any time prior to the close of business on the earlier of: (i) the business day immediately preceding the Maturity Date, (ii) if called for Redemption (as defined below), on the business day immediately preceding the Redemption Date (as defined below), and (iii) the business day immediately preceding the fifth business day prior to a Change of Control Purchase Date (as defined below) for a Debenture Purchase (as defined below) upon a change of control, at a conversion price equal to $0.25 (the “Conversion Price”), subject to Mandatory Conversion (as defined below).
Each holder of Convertible Debentures will have the right (the “Change of Control Right”), exercisable at any time not later than five business days prior to the Change of Control Purchase Date and in its sole discretion, to require the Company to either: (i) purchase the Convertible Debentures (the “Debenture Purchase”) at a price equal to 100% of the Principal Amount, plus any accrued and unpaid interest and plus an amount equal to the interest that would have otherwise accrued on the Convertible Debentures to the Maturity Date but for the Debenture Purchase (“Effective Interest”), or (ii) convert the Principal Amount plus any accrued and unpaid interest and plus the Effective Interest at the Conversion Price (the “Change Conversion”). In the event that a Convertible Debenture holder does not exercise the Change of Control Right, the Company will have the right, but not the obligation, to carry out the Debenture Purchase or the Change Conversion, in its sole discretion, on the Change of Control Purchase Date. The “Change of Control Purchase Date” will be the date that is 30 business days after the date that written notice of a change of control is delivered by the Company to holders of Convertible Debentures.
On or after December 31, 2020, the Company will be entitled to force the conversion (the “Mandatory Conversion”) of the Principal Amount of the then outstanding Convertible Debentures and any accrued and unpaid interest thereof at the Conversion Price on not less than 30 days’ prior written notice should the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the “CSE”) be equal to or greater than $0.35 for 20 consecutive trading days, subject to the Mandatory Conversion being permitted under the policies of the CSE for any trading of the Convertible Debentures and Common Shares at that time.
On or after December 31, 2020, the Company will be entitled to redeem the Convertible Debentures (the “Mandatory Redemption”), in whole or in part, on not more than 60 days’ and not less than 30 days’ prior written notice, at a redemption price equal to the Principal Amount of the Convertible Debentures being redeemed plus accrued and unpaid interest thereon, if any, up to but excluding the date set for redemption, provided that the daily volume weighted average trading price of the Common Shares on the CSE is equal to or greater than $0.35 for the 20 consecutive trading days preceding such notice, subject to the Mandatory Redemption being permitted under the policies of the CSE for any trading of the Convertible Debentures and Common Shares at that time.
The Company has agreed to pay a cash commission (the “Agents’ Fee”) to the Agents equal to 7% of the gross proceeds of the Offering, including any exercise of the Over-Allotment Option, other than on the gross proceeds from the sale of up to 3,750 Debenture Units that may be purchased by certain purchasers identified by the Company (the “President’s List Purchasers”), for which the Agents will receive a cash commission of 3%, and which aggregate fee will be paid upon closing of the Offering. In addition, the Company has agreed to issue the Agents, on the completion of the Offering, as additional compensation, non-transferrable compensation options (the “Compensation Options”) entitling the Agents to purchase such number of Common Shares (the “Compensation Shares”) as is equal to (i) 7% of the number of Debenture Shares that would be issued assuming the conversion of all of the Convertible Debentures making up the Debenture Units sold pursuant to the Offering to purchasers other than President’s List Purchasers (including any Debenture Units sold pursuant to the exercise of the Over-Allotment Option); plus (ii) 3% of the number of Debenture Shares that would be issued assuming the conversion of all of the Convertible Debentures making up the Debenture Units sold pursuant to the Offering to the President’s List Purchasers (including any Debenture Units sold pursuant to the exercise of the Over-Allotment Option). Each Compensation Option will entitle the holder thereof to acquire during the eighteen (18) months following the Closing Date, one Compensation Share at an exercise price of $0.25 per Compensation Share.
The Company will give notice to the CSE to list the Convertible Debentures, the Debenture Shares, the Warrants, the Common Shares issuable upon the exercise of Warrants, and the Compensation Shares on the CSE. Listing will be subject to the Company fulfilling all of the listing requirements of the CSE. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, and the entering into of an agency agreement by the Company and the Agents.
This press release is not an offer of the securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration. The securities will not be publicly offered in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, or any state securities laws.
About Inner Spirit
Inner Spirit is establishing a network of recreational cannabis stores under its Spiritleaf brand. Supporting local entrepreneurs by applying its award-winning franchise and retail models, Inner Spirit has more than 100 franchise agreements in place for potential Spiritleaf locations and plans to operate corporate outlets in certain jurisdictions. The Company is simultaneously developing a diverse portfolio of proprietary quality and curated lifestyle cannabis products positioning the company to be an iconic Canadian brand and the most trusted source for recreational cannabis. Key industry partners and shareholders include Auxly Cannabis Group Inc. (TSX.V:XLY), Newstrike Brands Ltd. (TSX.V:HIP) and Tilray, Inc. (NASDAQ:TLRY). More information can be found on Inner Spirit’s website at www.innerspiritholdings.com.
Forward-looking statements
This press release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, “potential”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; the establishment of recreational cannabis stores in Canada; the receipt of necessary licenses and permits to open recreational cannabis stores and the timing thereof; the Offering, including the receipt in a timely manner of regularly and other required approvals and clearances; the number of Debenture Units to be sold under the Offering; the gross proceeds of the Offering; the payment of interest and the principal amount, and the conversion or exercise of other rights attached to the Convertible Debentures, the Warrants and the Compensation Options; the listing of the Convertible Debentures, Debenture Shares, Common Shares to be issued upon the exercise of Warrants, and Compensation Options on the CSE; the exercise of the Over-Allotment Option; the use of the net proceeds of the Offering; and the intention to grow the Company’s business and operations. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including but not limited to, fluctuations in the market price of the Common Shares; the risk that additional stores may not open due to national retail cannabis supply issues; risks relating to the dilution of the Common Shares; risks and uncertainties relating to the actual use of the net proceeds of the Offering; changes in market conditions; and the risks identified In the Company’s filings with the applicable Canadian securities regulators, including, without limitation, all risks in and incorporated by reference into the Company’s preliminary short-form prospectus in respect of the Offering. Although the Company believes that the expectations and assumptions on which such 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 they involve inherent risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
For further information: Darren Bondar, President and Chief Executive Officer, Email: invest@spiritleaf.ca, Phone: 1 (403) 930-9300, www.innerspiritholdings.com
Related Links
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Click here to connect with Inner Spirit Holdings Ltd. (CSE:ISH) for an Investor Presentation.
Source: www.newswire.ca
Seth Rogen’s New Cannabis Brand are Now Available at Apothecarium Dispensaries in San Francisco , Berkeley and Capitola
The Apothecarium is offering cannabis from Houseplant, the cannabis lifestyle brand founded by Seth Rogen and Evan Goldberg at its five California dispensaries. The Apothecarium has three San Francisco locations (Castro, SOMA and Marina ) and one each in Berkeley and Capitola (outside of Santa Cruz ).
“With the vast number of dispensaries in California , we put a lot of effort into identifying the right ones that align with Houseplant’s values,” said Seth Rogen , Co-Founder of Houseplant. “The Apothecarium shares the same commitment to creating a strong consumer experience that we pride ourselves on and we are thrilled to bring our three initial strains to their stores in the Bay Area.”
Houseplant is launching with three flower strains, all of which will be available at The Apothecarium, including: Diablo Wind (sativa), Pancake Ice (sativa) and Pink Moon (indica). Like their founder’s groundbreaking film “Pineapple Express”, Houseplant strains are named after weather phenomena. Each strain will be sold in a custom tin.
“We are so proud to be one of the very first dispensaries in California to offer Houseplant to our customers,” said Ryan Hudson , CEO and co-founder of The Apothecarium. “Seth, Evan and everyone at Houseplant love and respect cannabis as much as we do. We simply cannot wait to share their beautiful and delicious flowers with our guests.”
“We’ve been working with the Houseplant team for more than a year and are grateful to have a partner that shares so many of our values, including an emphasis on cannabis education, quality, reform of cannabis laws and beautifully designed, recyclable packaging.”
“Seth has been hands-on during the process, spending time with our store managers to make sure they know the products and how much care has gone into vetting and selecting the best strains. We think our guests are going to love Houseplant.”
About The Apothecarium
The Apothecarium is recognized as one of the nation’s premier cannabis dispensaries, with an emphasis on education via in-depth one-on-one consultations from highly trained cannabis consultants. The company was founded by three first cousins and two family friends in 2011. Our dispensaries are known for providing educational events that are open to the public at no cost — and for welcoming seniors, first-time dispensary visitors, and people with serious medical conditions. The Apothecarium’s flagship San Francisco dispensary was named the best-designed dispensary in the country by Architectural Digest . Patients and customers may order at our dispensaries or online for pickup or delivery at apothecarium.com [apothecarium.com] .
The Apothecarium is committed to giving back to the communities we serve. We have donated more than $400,000 in cash to community groups and nonprofits — plus more than $300,000 worth of in-kind donations.
All Apothecarium dispensaries continue to implement safety measures to protect guests and team members. Protocols include strict social distancing inside and outside the dispensaries, a mask requirement for everyone inside the dispensaries, no contact check-in procedures and ongoing sanitizing throughout the day.
CA Licenses: C10-0000523-LIC; C10-0000522-LIC; C10-0000515-LIC, C10-0000738-LIC, C10-0000706-LIC
View original content: http://www.prnewswire.com/news-releases/houseplant-launches-at-the-apothecariums-california-dispensaries-301270397.html
SOURCE TerrAscend
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Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), one of the UK’s leading CBD and hemp product suppliers, announces that Charles Lamb will be stepping down as a Non-Executive Independent Director of the Company, with effect from April 16, 2021, to focus on his other business interests
Charles has been an integral part of the Board’s efforts to grow the Company since its inception and has played a key role in the Company’s shift in strategy to focus on growing the Love Hemp brand globally.
Love Hemp will continue to develop the team over the coming months, focussing on maximising the significant business opportunities available to the Company as well as preparing it for its upcoming move to the London Stock Exchange’s Main List as announced on 8 April 2021.
Andrew Male, Chairman of Love Hemp Group, commented: “Charles has made a significant contribution to the Company over a period of successful growth and refocussing. On behalf of the Board, I would like to thank him for all his efforts and support and wish him the best with future endeavours.
“As we move towards a listing on the Main Market, we will be looking to strengthen our Board with those who are able to provide experience and guidance to support our future growth.”
For further information please contact:
Andrew Male |
|
AQSE Corporate Adviser |
Financial PR |
Financial Advisor
Rupert Fane
H&P Advisory Limited
+44 (0) 20 7907 8500
rf@hannam.partners
For more information on World High Life please visit: www.lovehempgroup.com
About Love Hemp Group
The Company, previously World High Life Plc, was incorporated on 30 January 2019 as an Investment Vehicle. Originally intended to identify opportunities in the CBD and Medicinal Cannabis space, it quickly acquired Love Hemp Ltd., the UK’s most recognisable CBD brand. The listed company recently changed its name to Love Hemp Group PLC as part of its evolving strategy to purely focus on supporting the “best in class” CBD brand as it embarks on a wider expansion of its core business and offering.
Love Hemp produces and supplies more than 40 product lines, comprising of oils, sprays and tinctures and a variety of edible and water-based CBD products. Love Hemp has established relationships with over 2,000 stores in the UK, including leading retailers such as Sainsbury’s, Boots, Ocado and Holland & Barrett.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Love Hemp Group PLC
View source version on accesswire.com:
https://www.accesswire.com/640680/Love-Hemp-Group-PLC-Announces-Directorate-Change
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Love Hemp Group PLC
Expects to file its 2020 Annual Financial Statements on or before May 31, 2021
Matica Enterprises Inc. (CSE: MMJ) (FSE: 39N) (OTCQB: MMJFF) (“Matica” or the “Company”) today announced that, as a result of the COVID-19 Pandemic measures, it will not be in a position to file its audited annual financial statements, the related management’s discussion and analysis and related CEO and CFO certificates (the “Annual Filings”) before the required deadline of April 30, 2021 (the “Specified Requirements”).
The Company is working closely with its auditor and expects to file the Annual Filings on or before May 31, 2021. The Company does not anticipate any delay in filing its interim financial statements, management’s discussion and analysis, and the related officer certifications for the financial period ended March 31, 2021.
Matica has applied to the OSC, as principal regulator for the Company, for the imposition of a management cease trade order under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) over the duration of the default. If a management cease trade order is issued, it will generally not affect the ability of persons who have not been directors, officers or insiders of Matica to trade in their securities.
The Company is providing this press release in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About Matica
Matica is a multi-faceted, innovative company in the Quebec cannabis space. Its subsidiary, RoyalMax Biotechnology Canada Inc. is a Dorval, Quebec based Health Canada Licence Holder. RoyalMax has been granted a standard cultivation licence, standard processing and medical sales licences by Health Canada.
For more information on Matica Enterprises please visit the website at: www.maticaenterprises.com.
On behalf of the Board of Directors
Matica Enterprises INC.
Boris Ziger
Boris Ziger, CEO & Chairman
The Company’s public filings are available for review at www.sedar.com and www.thecse.com.
For further information, please contact Boris Ziger, at:
Telephone: 416-304-9935
E-mail: info@maticaenterprises.com
Website: www.maticaenterprises.com , www.maticammj.com
Disclaimer for Forward-Looking Information
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
This news release contains statements about the Company’s information that may be made available on the S&P Capital IQ Corporation Records Listing Program and the business of Matica that are forward-looking in nature and as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.
This news release is not for distribution or dissemination in the United States of America
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80602
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Matica Enterprises
Recreational cannabis remains illegal in all Australia’s states and territories with the exception of the Australian Capital Territory (ACT). But could that change in the future?
So far there are no clear indicators as to when or if Australia could legalise recreational cannabis, but attitudes seem to be changing. Public support is growing, and there’s even some political acceptance.
Read on to learn more about when Australia may legalise recreational cannabis.
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Public support for legalisation growing
Australians are no strangers to cannabis — a recently updated report from the Australian Institute of Health and Welfare shows that marijuana is the most extensively used illicit substance in the country.
With that in mind, it’s perhaps unsurprising that views on cannabis are changing in the country. In 2019, Australia’s National Drug Strategy Household Survey found that 41 percent of Australians are in favour of legalising cannabis — that’s close to double the support seen when the survey was done in 2007.
Aside from that, legalisation has been recommended by a number of government inquiries, including a 2019 Queensland Productivity Commission report on imprisonment and recidivism.
Several states have decriminalised personal use of cannabis on private property, including the ACT, the Northern Territory (NT) and South Australia. Most other states have a discretionary almost de facto decriminalisation in place through police diversion programs.
Those arrested for small amounts of under 50 grams of cannabis can be diverted to drug counselling or education, or issued a fine rather than a criminal conviction.
Economic opportunities lie in legalisation
Although Australia’s economy ended 2020 on a high note after facing COVID-19-related setbacks, some experts believe cannabis legalisation could assist even further with economic growth.
The climate of the NT and its accessibility to Asia makes the likelihood of legalised marijuana a possible gold mine for the NT, according to economist Rolf Gerritsen.
“The Government, if it licensed the system and appointed official sales points, could actually set up a nice little industry with the possibility of future exports,” Gerritsen told ABC News.
In 2020, Australia’s economy plunged into its first recession in three decades due to fallout from the coronavirus, which came mere months after devastating bushfires that ravaged over 12 million hectares.
A Twitter campaign from the Australian Greens political party is pushing for legalisation to help pull the nation out of recession, declaring cannabis a “multi-billion dollar industry.”
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Federal cannabis legalisation unlikely
Although exciting, it seems unlikely that the Australian government will legalise marijuana at this stage.
Outside the Twitter campaign mentioned above, legalisation of cannabis has been a big part of the platform for the Greens, which are seeking the establishment of a controlled market for the sale of cannabis and would allow members of the public to grow up to six plants.
But the Greens are currently the only political party pushing for legalisation of recreational cannabis.
Both the Liberal National Party and Australian Labor Party have only shown support for medicinal cannabis at a federal level. In fact, Australian Attorney-General Christian Porter has been vocally opposed to the legalisation in Canberra, declaring the laws “terrible” and saying state- and territory-level laws conflict with federal laws on possession.
Many were looking towards the outcome of a New Zealand referendum on legalisation that failed as 50.7 percent voted “no” to the 48.4 percent “yes” votes.
What could legalisation do to the market?
A report from cannabis researcher Prohibition Partners hypothesizes great potential for Australia to significantly increase value through cannabis exports, while a focus on buying local could see more domestic cannabis revenue than ever before.
Success could encourage more regions to look closely at their own reform measures, particularly after watching the ACT’s adoption of restricted cannabis legalisation, the study argues.
“Both Victoria and Tasmania are also making moves towards more lenient cannabis laws and could be following in the ACT’s footsteps,” said the report’s authors.
“The Victorian government invested in R&D of the local industry, and is said to have ambitions to be the ‘cannabis bowl of Australia’ with a target of 500 local jobs.
The report predicts the Australian cannabis market will break a total market value of US$1.5 billion by the year 2025, which would make it the largest legal cannabis market in Oceania. Eagle-eyed investors will be watching the market closely.
Don’t forget to follow @INN_Australia for real-time updates!
Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.
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Kelowna, British Columbia TheNewswire – April 15, 2021 Lexaria Bioscience Corp. (Nasdaq:LEXX) (Nasdaq:LEXXW) (CSE:LXX) (CNSX:LXX.CN) (the “Company” or “Lexaria”), a global innovator in drug delivery platforms, announces the appointment of a new Chief Financial Officer and the issuance of share purchase warrants to third party consultants.
Lexaria is pleased to announce that effective April 15, 2021, Gregory Downey will be assuming the role of Chief Financial Officer of the Company. During the past two years, Mr. Downey has been engaged by the Company as its Controller and has intimate knowledge regarding the Company’s business and finances. Mr. Downey brings a wealth of experience to Lexaria, having served as the Chief Financial Officer of several public companies during the past ten years. Mr. Downey holds a Certified Management Accountant designation and is a member of the Chartered Professional Accountants of British Columbia.
In the position as Chief Financial Officer, Mr. Downey will be compensated with a base annual salary of CDN$144,000, with an annual increase of 10%, an option grant for the issuance of up to 12,000 common shares, and other customary incentives.
The Company is grateful to outgoing CFO, Mr. Allan Spissinger, for his many contributions and wishes him continued success in his future endeavours.
The Company also announces that effective on April 16, 2021, it will be issuing share purchase warrants (the “ Warrants ”) for the issuance of up to an aggregate 300,000 common shares to three unrelated third party consultants. The Warrants will be exercisable for a period of three years ending on April 16, 2024 at an exercise price of US$9.00 per share. The shares issuable upon exercise of the Warrants will be restricted securities pursuant to US securities laws.
About Lexaria Bioscience Corp.
Lexaria Bioscience Corp.’s proprietary drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The Company’s technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets, and capsules. DehydraTECH has repeatedly demonstrated since 2016 with cannabinoids and nicotine the ability to increase bio-absorption by up to 5-10x, reduce time of onset from 1 – 2 hours to minutes, and mask unwanted tastes; and is planned to be further evaluated for orally administered bioactive molecules, including anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), and nicotine. Lexaria has licensed DehydraTECH to multiple companies including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products and for use in industries that produce cannabinoid beverages, edibles, and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 18 patents granted and approximately 60 patents pending worldwide. For more information, please visit www.lexariabioscience.com .
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements. Statements as such term is defined under applicable securities laws. These statements may be identified by words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions. Such forward-looking statements in this press release include, but are not limited to, statements by the company relating the Company’s ability to carry out research initiatives, receive regulatory approvals or grants or experience positive effects or results from any research or study. Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that the Company will actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. As such, you should not place undue reliance on these forward-looking statements. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation and regulatory approvals, managing and maintaining growth, the effect of adverse publicity, litigation, competition, scientific discovery, the patent application and approval process, potential adverse effects arising from the testing or use of products utilizing the DehydraTECH technology, the Company’s ability to maintain existing collaborations and realize the benefits thereof, delays or cancellations of planned R&D that could occur related to pandemics or for other reasons, and other factors which may be identified from time to time in the Company’s public announcements and periodic filings with the US Securities and Exchange Commission on EDGAR. There is no assurance that any of Lexaria’s postulated uses, benefits, or advantages for the patented and patent-pending technology will in fact be realized in any manner or in any part. No statement herein has been evaluated by the Food and Drug Administration (FDA). Lexaria-associated products are not intended to diagnose, treat, cure or prevent any disease. Any forward-looking statements contained in this release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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