Benchmark Botanics Announces Name and Stock Ticker Symbol Change to Craftport Cannabis Corp. and Share Consolidation
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - Benchmark Botanics Inc. (CSE: BBT) (the "Company") is pleased to announce that, effective November 1, 2021, the Company will change its name to "Craftport Cannabis Corp." and its stock ticker symbol from "BBT" to "CFT". This name change will allow the name to better represent to all stakeholders the business affairs of the Company, and for the Company to be able to build an identity and brand awareness as it enters the premium craft cannabis market.
On November 1, 2021, at market open, the common shares of the Company (the "Common Shares") will trade on the Canadian Securities Exchange under the new name "Craftport Cannabis Corp." and under the new ticker trading symbol, "CFT".
The Company is also pleased to announce that it intends to consolidate the Common Shares of the Company on the basis of ten (10) pre-consolidation Common Shares for one (1) post-consolidation Share (the "Consolidation"). The Consolidation will become effective at the opening of the market on November 1, 2021. Upon the Consolidation becoming effective, approximately a total of 20,361,221 Common Shares, subject to adjustments for rounding, will be issued and outstanding. No fractional shares will be issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Share resulting from the Consolidation will be rounded down to the nearest whole Common Share and any fractional interest in Common Shares that is 0.5 or greater of a Common Share will be rounded up to the nearest whole Common Share. There is no maximum number of authorized Common Shares that the Company may issue. TSX Trust Company will mail letters of transmittal to the shareholders of record on November 2, 2021 providing instructions on exchanging pre-Consolidation share certificates for post-Consolidation share certificates. Shareholders are encouraged to send their share certificates, together with their letter of transmittal, to TSX Trust Company in accordance with the instructions in the letter of transmittal.
Please note that all open orders will be cancelled at the end of business on October 29, 2021. Dealers are reminded to re-enter their orders.
The CUSIP and ISIN numbers will change to 224130104 and CA2241301043, respectively. Disclosure documents are available at www.thecse.com.
On May 3, 2021, the Company announced the appointment of a new Chief Executive Officer. Since that time, the Company has been assessing its operations and strategic options in the context of the Canadian cannabis industry, has been identifying and implementing cost saving measures, and has been engaged in financing discussions with various parties.
Based on the completion of its internal strategic review, the Company believes that it's in its best interest to focus on the premium craft cannabis recreational market in Canada, initially by incorporating an asset-light approach. In order to fully execute on this business plan, the Company will be required to secure long-term financing. In the meantime, the Company continues to borrow necessary funds from current shareholders who have expressed an interest in working with the Company in order to achieve its long-term goal of becoming a prominent player in the premium craft market.
Benchmark is a diversified multi-licensed cannabis producer in British Columbia. The Company's 100% owned subsidiary, Potanicals Green Growers Inc. ("Potanicals") is a Health Canada licensed producer under the Cannabis Act and its regulations. Potanicals owns an indoor facility in Peachland, BC. The Company also owns a greenhouse facility in Pitt Meadows, BC through its 51% ownership in 1139000 B.C. Ltd.
For more information about Benchmark, please refer to information available under the Company's profile on SEDAR at www.sedar.com and the CSE website.
Chief Executive Officer
Benchmark Botanics Inc.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
This news release contains forward-looking statements pertaining to various risks and uncertainties regarding future events. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. Forward-looking statements in this news release include, but are not limited to: the Company's ability to complete the name change and Consolidation, the execution of the Company's business plan; and the Company's ability to obtain long-term financing. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the risk factors discussed in this news release and in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com and on the CSE website. These statements speak only as of the date of this news release. Except as required by law, the Company does not intend to update these forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100703