Ancient Strains Announces Development Financing
Toronto, Ontario--(Newsfile Corp. - July 9, 2018) - Ancient Strains Limited ("Ancient Strains" or the "Company") is pleased to announce a private placement offering for up to $3,000,000 (the "Offering") to commence funding the earn-in and development of production facilities pursuant to its Definitive Agreement with Cannabis Uruguay Limitada ("CUL") as disclosed in our June 20, 2018 press release.
Under the terms of the Offering, Ancient Strains will issue up to 7,500,000 units at a price of $0.40 per unit ( a "Unit"); each Unit will consist of one Ancient Strains common share (a "Common Share") and one half of one Common Share purchase warrant. Each whole warrant will be exercisable into one Common Share at an exercise price of $0.60 for 36 months from the date the Ancient Strains shares are listed for trading on a Canadian public stock exchange. The proceeds will be used for financing near term obligations in Uruguay, advancement of other international opportunities, product marketing, and for general working capital. Ancient Strains will pay a finder's fee of 7% cash commission and 7% finders' warrants. Each finders' warrant is exercisable into one common share at the Offering Price for a period of 36 months from the date the Ancient Strains shares are listed for trading on a Canadian public stock exchange.
"We are very pleased to commence the expansion of the CUL facility in Uruguay and to prepare for the first harvest and oil extraction in 2018. This marks another step in our growth in three key regions: South America, North America/Europe, and south Asia/Africa. These regions combine growth opportunities, and future markets as medicinal cannabis and its extracts become a global industry. As a Canadian company, we intend to assist other countries and markets in realizing the medical and economic benefits of this unique plant." stated President Samir Biswas.
NEAR TERM MILESTONES IN URUGUAY
- First test harvest in August and purchase of oil extraction equipment;
- Commencement of greenhouse construction on 2 hectare (215,000 sq ft) property;
- Acquisition of 30 hectares (3.2 million sq ft) of adjacent property for staged future expansion.
ONGOING CORPORATE MILESTONES
- One or more agreements in India by August 31;
- Ongoing development of markets for CBD and other extracts in Canada and abroad;
- Completion of a go-public transaction anticipated in Q4 of 2018;
- Completion of a license permit in one other world class grow location anticipated in 2019.
This Press Release is available on the Company's website www.AncientStrains.ca
About Ancient Strains
Ancient Strains Limited is a Canadian federally registered company planning to become a vertically integrated international producer of cannabis extracts required for medicinal purposes.
The Ancient Strains' goal is to develop low cost production and extraction near key markets, and in collaboration with industry leaders that are experts in their fields, develop innovative strains of cannabis genetics that will have a positive impact on people's health worldwide.
This press release may contain certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks which may be detailed from time-to-time in the Company's on-going filings with the securities regulatory authorities, when applicable, which filings would be found at www.sedar.com upon such time the Company becomes a reporting issuer. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
This document has not been filed with any Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or other authority that has verified the adequacy or accuracy of this release.
For further information contact
Daryl Hodges, Chairman and CEO Tel (647) 271-3817
Samir Biswas, President and COO Tel: (416) 545-7214