AgriCann Solutions Upsizes Private Placement, Amends Terms
Vancouver, British Columbia--(Newsfile Corp. - August 18, 2021) - AgriCann Solutions Corp. (the "Company" or "AgriCann"), a rapidly expanding full-service premium Cannabis nursery and craft industry supplier and retailer, announces an increase to its previously announced private placement to 2,750,000 units (each, a "Unit") for gross proceeds of $1,650,000 (the "Offering").
The Offering remains priced at $0.60 per Unit, but with the price of each Warrant reduced and the exercise period and acceleration modified as described below.
All existing subscribers to the Offering will receive their Units upon acceptance and closing under today's announced improved terms.
The additional net proceeds of the Offering will be used for expansion and increased volume capacity at existing facilities, and general corporate purposes.
Each Unit consists of one common share of the Company (a "Common Share") and one-half of a Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Common Share at a price of $0.75 for a period of 18 months from the Company achieving a listing on a Canadian stock exchange, subject to the acceleration provision described below. The Units will be made available by way of prospectus exemptions in Canada and in such other jurisdictions as the Company may agree where the Units can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.
The Company will be entitled to accelerate the expiry date of the Warrants to the date that is 30 days following the date the Company issues a news release announcing that the published closing price of the Common Shares on such exchange and/or market as the Shares may trade from time to time has been equal to or greater than $1.20 for ten consecutive trading days after the hold period on the Common Shares has expired.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
About AgriCann Solutions Corp.
AgriCann Solutions Corp. is a "Reporting Issuer" created as result of a statutory plan of arrangement completed by The Valens Company in 2015. AgriCann operates wholly owned subsidiary Craft Nurseries Canada Inc. ("CNC"), licensed under the Cannabis Act and Cannabis Regulations effective May 21, 2021 to produce and sell unique premium cannabis and hemp genetics, including clones, pre-veg and veg plants, to licensed producers and cannabis retail stores. AgriCann is currently executing an aggressive buy-and-build roll-up strategy with four highly accretive share-exchange acquisitions pending completion (see June 25, 2021 news release). AgriCann currently has 13,480,758 Common Shares outstanding.
ON BEHALF OF AGRICANN SOLUTIONS CORP.
(signed) "Rob van Santen"
CEO & Director
For further information, please contact:
Robert van Santen, CA, CPA, CMT
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. The Company will provide further updates respecting these initiatives as developments occur. There can be no assurance that interests in any or all of these or additional projects being pursued will be acquired, funded and/or commercialized.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
AgriCann Solutions Corp.
400-1771 Robson Street, Vancouver, BC, Canada V6G 1C9
Tel. +1.604.608.1999 ~ Fax. +1.778.379.9990
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/93674