Dash Capital and Simply Solventless Announce Receipt of Simply Solventless Health Canada Licenses, Closing of the Rocky View Facility Acquisition and Private Placement of Convertible Debentures
Calgary, Alberta--(Newsfile Corp. - July 6, 2022) - Dash Capital Corp. ("Dash") (TSXV: DCX.P) and Simply Solventless Concentrates Ltd. ("SSC") are pleased to announce that SSC has received its Health Canada standard cultivation, standard processing, and sales licenses ("Licenses") and that SSC has closed its previously announced acquisition of the Rocky View cannabis facility (the "Facility"). Dash and SSC also announce that SSC has launched a private placement of convertible debentures for proceeds of $1,000,000 and that Dash, SSC and Dash Subco (as defined below) have entered into a second amending agreement to the Amalgamation Agreement (as defined below) dated June 20, 2022, with effect as of May 31, 2022 (the "Second Amending Agreement").
Health Canada Licenses
The Licenses allow SSC to cultivate, manufacture/process, and sell products to all authorized provincial and territorial distributors/retailers as well as to registered medical patients.
Prior to receiving the Licenses, SSC built its team, quality management system, processes, and key client relationships while working in the Facility under the prior license holder. With a premier team of hashishins, SSC has successfully commercialized products across the entire solventless spectrum, including dry sift, traditional pressed hash, soft hash, flower rosin, bubble hash, hash/live rosin (and derivatives), and hash/live rosin vape sauce.
Rocky View Facility Acquisition
In addition to receiving the Licenses, SSC has closed on the previously announced acquisition of the Facility. The Facility totals 33,000 square feet, of which approximately 25,000 is licensed by Health Canada. With industry leading solventless production capacity, the Facility is ideally equipped for SSC to execute on its high-impact business plan and on its mission to provide pure, potent, terpene rich solventless concentrates to discerning cannabis consumers. SSC now has the infrastructure and facility to match its world class team of hashishins!
SSC's Near-Term Objectives
SSC's core focus is to achieve material revenue and profitability in the near-term. These objectives are underpinned by SSC's team, B2B and tolling contracts with premier cannabis companies, the ability to produce consistently high-quality products at scale, and a reputation for exceptional customer service.
SSC is currently in the process of advancing its branded solventless products and expects to "hit shelves" across several product categories in early 2023.
SSC Convertible Debenture Financing
SSC is currently conducting a non-brokered private placement of convertible debentures of up to $1,000,000, the gross proceeds of which will be used for inventory, minor capital expenditures, the advancement of its branded product strategy and general working capital purposes. For information regarding this financing, please contact SSC.
Second Amending Agreement
As previously disclosed on August 9, 2021, Dash, SSC and 2366191 Alberta Ltd. ("Dash Subco"), a wholly owned subsidiary of Dash, entered into an amalgamation agreement dated August 6, 2021 (the "Amalgamation Agreement"), which, among other things, sets forth the terms and conditions of the business combination, which will constitute the Qualifying Transaction (as defined in TSX Venture Exchange policies) of Dash (the "Transaction"). On February 3, 2022, Dash announced that Dash, SSC and Dash Subco entered into an amending agreement (the "Amending Agreement") to the Amalgamation Agreement dated January 31, 2022, with effect as of December 31, 2021, which, among other things, extended the outside date for completion of the Transaction. Upon completion of the Transaction, it is intended that Dash (the "Resulting Issuer") will continue SSC's business in the cannabis industry. Details of the Transaction, including the amount and type of proposed consideration, were previously disclosed in the news releases of Dash dated June 11, 2021, August 9, 2021, February 3, 2022 and March 16, 2022.
The Second Amending Agreement extended the outside date for the closing date of the Transaction to November 30, 2022 and amended the consolidation of Dash shares contemplated by the Amalgamation Agreement to be on the basis of one Dash share for two existing Dash shares. A copy of the Amalgamation Agreement, Amending Agreement and Second Amending Agreement have been filed on Dash's SEDAR profile and are available for viewing at www.sedar.com.
The completion of the Transaction is subject to a number of conditions precedent, including, but not limited to, the satisfaction or waiver of closing conditions customary to transactions of the nature of the Transaction, obtaining all requisite shareholder and corporate approvals, approvals of all regulatory bodies having jurisdiction in connection with the Transaction, and the final approval of the TSXV, including the satisfaction of its initial listing requirements. There can be no assurance that the Transaction will be completed as proposed or at all. A filing statement in respect of the Transaction will be prepared in accordance with the requirements of the TSXV and will be filed under Dash's issuer profile on SEDAR at www.sedar.com.
About Dash Capital Corp.
Dash is a public company incorporated under the Business Corporations Act (Alberta). Dash's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction (as defined in TSX Venture Exchange policies). Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.
About Simply Solventless Concentrates Ltd.
SSC is a private company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich solventless concentrates to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.
All information contained in this press release with respect to Dash and SSC was supplied by the respective party for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party.
For further information:
Dash Capital Corp.
Darrell Denney, Chief Executive Officer
Simply Solventless Concentrates Ltd.
Jeff Swainson, Special Advisor to the Board of Directors
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice on Forward-Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements concerning the private placement of convertible debentures of SSC, the use of proceeds from the private placement of convertible debentures of SSC, SSC's sales and operations, SSC's business plan, the timing of SSC commercializing its products, the closing of the Transaction, and certain financial information and forecasts. Dash cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Dash and SSC, including expectations and assumptions concerning Dash, SSC, the Resulting Issuer, the Transaction, the timely receipt of all required shareholder, court and regulatory approvals (as applicable), including the acceptance of the TSXV, the satisfaction of other closing conditions in accordance with the terms of the Amalgamation Agreement, Amending Agreement and Second Amending Agreement, as well as other risks and uncertainties, including those described in Dash's final prospectus dated April 26, 2021 filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, and the Ontario Securities Commission and available on SEDAR at www.sedar.com. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Dash and SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Dash and SSC do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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