EXMceuticals Inc. Issues Shares for DebtVancouver, British Columbia--(Newsfile Corp. - July 24, 2019) - EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the "Company" or "EXM"), announces the issuance of 75,554 common shares of the Company at a deemed price of $1.35 per share and the issuance of 200,000 common shares of the Company at a deemed price of $1.2803 per share for the Company's debt settlement in the aggregate amount of $358,057.90, to its creditors.
All common shares issued pursuant to the debt settlement are subject to a four month hold period under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Michel Passebon, Chief Executive Officer and Director
For further information contact:
Europe - Jane Glover/ Jake Thomas/ Billy Clegg: +44 (0) 203 757 4990
North America - Mélanie Guillemette: +1 819 668 2734
EXM's activities are focused on the sustainable cultivation of cannabis and hemp, and the production of high-grade and hemp ingredients for the pharmaceutical, therapeutical, nutraceutical and cosmetic industries. The Company proposes to sell the produced ingredients to international markets.
EXM is in the final stage of procuring the required authorizations and permits in Portugal for its laboratory for research, and center for processing and distribution, which are currently under construction. EXM has previously completed research projects with its university partners, Universidade Nova de Lisboa and Universidade Lusofona. Pending receipt of the authorizations and permits, EXM is proceeding with its R&D program, lab work and testing under the licenses that its university partners have already obtained for the initial research projects. In addition to its more scientific mandate, the facility being built is proposed to be used by EXM as its base for distribution in the EU and North America.
EXM, through its subsidiary and in-country partner, holds the rights to a cannabis license in the Kuba Kingdom, Mweka, Kasai Province, Democratic Republic of Congo, and the rights to a land concession for the cultivation of cannabis and hemp, and processing and export of high-grade cannabis extracted ingredients.
EXM has also submitted applications and undertaken negotiations with local governments and partners in Ethiopia, Malawi, Zambia, Eswatini and Burundi, in order to obtain licences to permit the cultivation of cannabis and hemp, as well as the processing, transformation and export of psychotropic and non-psychotropic cannabinoid ingredients. In Ethiopia, EXM is in its final stage of negotiation with the government for an agro-industrial park, of 4,000 hectares (9,880 acres) encompassing a free trade zone, for which EXM has already obtained land rights over 2,000 hectares (4,940 acres) in the Amhara region.
In addition, EXM is in the process of obtaining a license in Malawi, in partnership with a large local agro producer. Please see previous press releases for more information on EXM Malawi activities.
Neither the CSE nor the FSE has approved nor disapproved the contents of this news release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", "expected", "proposes", "intends" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the Company's business operations, including the cultivation of cannabis in Uganda, the extraction of cannabis ingredients and the exportation of the extracts, the creation of job opportunities in Africa and the potential to generate sales, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of EXM to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. 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. EXM will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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