StillCanna Recruits Seasoned PhD to Manage Its Romanian Extraction Facility and Provides Update on Its Previously Announced Financing
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2019) - STILLCANNA INC. (CSE: STIL) (FSE: 484) ("StillCanna" or the "Company") is pleased to announce it has strengthened its Romanian operating team with the appointments of Dr. Bucur Ilie as General Manager and Ms. Georgiana Carsin as Production Manager.
Dr. Bucur Ilie holds a Ph.D. in Chemistry (Physical Chemistry) from the University of Craiova in Romania in addition to holding Graduate Degrees in Chemistry (Physical Chemistry, University of Bucharest) and Computer Science (University of Craiova). Dr. Ilie has held numerous state and private company positions including serving as General Director at the Research Center for Chemical Fertilizers, General Director at the Institute of Chemical Research and Applied Technologies, Director at Applied Systems SRL, as well as senior positions with the Environmental and Waters Management Ministry in Romania. Dr. Ilie is an accomplished university professor and researcher with publications including eight books, thirty published works, thirty research works, and fifty lectures. Dr. Ilie is an expert in laboratory research and modelling of chemical and biochemical processes.
Ms. Georgiana Carsin holds a Masters Degree in Chemistry from Polytechnic University in Bucharest with over 15-years of experience in agriculture and environmental protection. Ms. Carsin served as an environmental engineer with Agroindustriala Giubega for over five years, as an Engineer in Sanitary Engineering and Environmental Protection with Alcaruma Agro Consult Srl for over five years, and as a Research Engineer and Environmental Health Engineering with Applied Systems SRL for over five years. Ms. Carsin's experience has been centered on environmental and process engineering within the agricultural sectors in Romania.
"We are excited to have Dr. Ilie and Ms. Carsin join our growing team in Romania," stated Jason Dussault, President & CEO of StillCanna. "A company is only as strong as its people. Our ability to attract such high caliber individuals to our team is a testament of the foundation we are cultivating and the exciting opportunity it presents. Dr. Ilie is a highly accomplished academic and researcher with practical experience whose task is to assure we produce the highest quantity CBD possible. Ms. Carsin offers a complementary skill set with significant process engineering experience. As we ramp up to full production these experience scientists with practical knowledge simply solidifies our process."
The Company is also pleased to announce that, further to its March 18, 2019 press release announcing a brokered private placement (the "Financing") of subscription receipts at a price of $1.15 per subscription receipt for gross proceeds of up to $20,100,000 with the possibility of raising an additional $5,002,500 at the option of Canaccord Genuity Corp. (the "Agent") and based on initial subscription results, it intends to complete the Financing on a fully subscribed basis. The Financing is expected to be completed on or about April 23, 2019, or such other date as mutually agreed to by the Company and the Agent, subject to the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued pursuant to the Financing will be subject to a four-month-and-one-day hold period from the closing date, in accordance with applicable Canadian securities laws.
Each subscription receipt shall entitle the holder thereof to receive, upon satisfaction of certain escrow release conditions (including the completion of the Olimax transaction previously announced on March 18, 2019) and without payment of any additional consideration or any further action on the part of each holder thereof, one unit of StillCanna. StillCanna anticipates closing the Olimax transaction within the first half of May 2019. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share for a period of 12 months from the date the escrow release conditions are satisfied at an exercise price of $1.73. If the escrow release conditions are not satisfied by June 30, 2019, the subscription receipts will be cancelled, and all proceeds from the brokered financing will be returned to subscribers.
ABOUT STILLCANNA INC.
StillCanna Inc. (CSE: STIL) (www.stillcanna.com) is a Canadian early-stage life sciences company focused on large-scale CBD extraction in Europe. Based on a proprietary process and intellectual property, the Company is forecasted to be one of the lowest-cost CBD extractors operating in Europe. The Company has signed an extraction contract to be the exclusive extractor for Dragonfly BioSciences LLC, a United Kingdom-based supplier of CBD. Upon the completion of the Olimax Transaction, StillCanna will be one of the leading processors and providers of market-ready CBD in Europe.
On Behalf of the Board,
Chief Financial Officer and Director
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the financing being expected to be fully subscribed, the expected closing date of the financing being April 22, 2019 and that the Olimax transaction is expected to closing within the first half of May, 2019. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should" or "would" occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the financing will be fully subscribed, the financing will close as anticipated by management of the Company on April 22, 2019 and that the Olimax transaction will close as anticipated by management within the first half of May, 2019. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, that the financing will not be fully subscribed, the financing will not close as anticipated by management of the Company on April 22, 2019 or at all and that the Olimax transaction will not close as anticipated by management within the first half of May, 2019 or at all. Readers are cautioned not to place undue reliance on forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44029