Spyder Cannabis to Commence Trading on the TSXV
Vaughan, Ontario--(Newsfile Corp. - June 10, 2019) - Spyder Cannabis Inc. ("Spyder"), an established Ontario retail operator, announces that its common shares will begin trading when markets open, at 9:30 a.m. (Toronto time), on June 11, 2019 on the TSX Venture Exchange (the "Exchange") under the stock ticker symbol "SPDR".
"We are incredibly proud to announce this tremendous milestone in Spyder's history, and to take our position among the growing group of cannabis retailers that are listed on Canadian stock exchanges. While our team is, understandably, thrilled to be in this position, we don't intend on resting on our past accomplishments, and we can confidently say that we will be taking steps in the very near future to continue creating value for our longstanding shareholders and supporters," said Dan Pelchovitz, Chief Executive Officer and President of Spyder.
Update to Prior Press Release
In addition to the above, Spyder is pleased to announce that it raised an aggregate of $294, 500 through the sale of secured convertible debentures, an increase of $20,000 over the amount disclosed in its press release of May 31, 2019. As disclosed in its prior news release, the principal amount and accrued interest on such debentures have now automatically converted into common shares and common share purchase warrants of Spyder.
Spyder also wishes to note that following completion of the Qualifying Transaction, 2432692 Ontario Inc. ("243 Corp.") holds 3,466,833 (previously incorrectly reported as 3,016,833) common shares of Spyder, resulting in Mr. Toderovitz and 243 Corp., holding approximately 11.7% of the issued and outstanding shares on a non-diluted basis, and 13.4% of the issued and outstanding shares on a partially diluted basis.
Founded in 2014 Spyder is an established chain of three high-end vape stores in Ontario, with stores located in Woodbridge, Scarborough and Burlington. The Spyder brand is defined by its high-quality proprietary line of e-juice, liquids and exclusive retail deals, dispensed in uniquely designed stores creating the optimal customer experience. Spyder is building off this leading retail, distribution and branding eCig and vapes company and is pursuing expansion into the legal cannabis and hemp derived CBD market. Spyder has developed a scalable retail model with aggressive expansion plan to create a significant retail footprint with targeted and disciplined retail distribution strategy focusing on Canadian retail and U.S. CBD kiosks in high traffic peripheral areas.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
For more information, please contact:
Spyder Cannabis Inc.
President & Chief Executive Officer
Telephone: (905) 265-8273
Neither the 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.
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur..
These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Any number of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
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