World Class Extractions Inc. (formerly, CBD Med Research Corp., the “Corporation”) is pleased to announce that it has completed its previously announced business combination with an Ontario corporation formerly known as World Class Extractions Inc. (“OldWorld Class”).
On February 13, 2019, the Corporation and Old World Class entered into a definitive business combination agreement (the “Business Combination Agreement”) with CBD Acquisition Corp. (“SubCo”), a wholly-owned subsidiary of the Corporation, incorporated for the purpose of the business combination. Pursuant to the Business Combination Agreement, the Corporation changed its name to World Class Extractions Inc. and completed a business combination with Old World Class by way of a three-cornered amalgamation pursuant to which Old World Class amalgamated with SubCo (the “Transaction”). The resulting amalgamated corporation carried on in the name of World Class Extractions (Ontario) Inc. as a wholly-owned subsidiary of the Corporation. Following the completion of the Transaction, the Corporation intends to carry on the business of Old World Class. For the purposes of this press release, the term “Resulting Issuer” means the Corporation following completion of the Transaction.
On February 11, 2019, Old World Class held a special meeting of the shareholders of Old World Class where the shareholders approved the amalgamation with Subco and a split of the issued and outstanding common shares of Old World Class.
In connection with the Transaction, and as previously announced in its press release of February 26, 2019, the Corporation effected a share split of its issued and outstanding common shares (“Common Shares”) and changed its name to “World Class Extractions Inc.”
Board of Directors
As part of the Transaction, Gary F. Zak resigned from the Corporation solely in his capacity as Chief Executive Officer, Kenneth Philippe resigned as a director and Chief Financial Officer, and H. Barry Hemsworth resigned as a director of the Corporation. The outgoing management and board of directors were replaced by Michael McCombie (Chief Executive Officer), Donal Carroll (Chief Financial Officer and director), Jon Bridgman (director), Donal Carroll (director), Gary F. Zak (director), Dr. K. Sethu Raman (director) and Binyomin Posen (director). The Corporation wishes to thank Mr. H. Barry Hemsworth and Mr. Kenneth Philippe for their many years of dedicated service.
Further to a previously announced private placement of subscription receipts (“Subscription Receipts”) of Old World Class for gross proceeds of approximately $23,000,000 (the “Financing”), Old World Class is pleased to announced that it has satisfied the escrow release conditions set out in the subscription receipt agreement dated October 30, 2018 between Old World Class, Garfinkle Biderman LLP, and First Republic Capital Corporation, and that the net proceeds of $20,470,000 have been released to the Corporation.
The Resulting Issuer’s securities are not currently listed on any stock exchange. The Resulting Issuer has applied to list the common shares in the capital of the Resulting Issuer (“Common Shares”) on the Canadian Securities Exchange (the “CSE”), and conditional approval to list the Common Shares has been granted. The Corporation anticipates that the Common Shares will commence trading on the CSE under the ticker symbol “PUMP”. The Company will provide an update once the CSE has issued a bulletin confirming the date on which trading on the CSE will commence. There is no assurance that the Resulting Issuer will ultimately be able to satisfy the listing requirements of the CSE.
About World Class Extractions Inc.
The Corporation is a Canadian based developer of an innovative extraction process for both the hemp and cannabis industry. The Corporation intends to provide single step continuous flow extraction services to the hemp and cannabis industry. Using patent pending technology, the Corporation’s results produce higher yields and better quality crude hemp oil at faster rates. The technology allows the extraction of CBD Oil and other related extracts from wet or dried natural plants. The Corporation can save its clients floor space, utility drying costs, equipment and processing labour costs.
Garfinkle Biderman LLP and Morton Law LLP acted for, respectively, Old World Class and the Corporation in connection with the Transaction.
For further information please contact:
Chief Executive Officer
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Transaction, including the listing and trading of the Common Shares on the CSE, changes to laws and compliance with applicable regulations. The forward-looking information contained in this press release is made as of the date hereof, and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
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.