RED DEER, AB / ACCESSWIRE / September 14, 2020 / CanadaBis Capital Inc. ("CanadaBis" or the "Company") is pleased to announce that it has closed a non-brokered private placement for 3,583,333 shares ( Common Shares ) at a price of $0.15 per Common Share for gross proceeds of up to $537,499.95.
The shares were offered on a non-brokered basis by way of private placement to accredited investors and the securities issued are subject to a hold period until January 15, 2021. This financing is subject to TSX Venture Exchange and regulatory approval. Proceeds of the financing will be used to fund ongoing growth as a National concentrates producer as well as recent expansion of up to 160,000 kgs of annual throughput in its 66,000 sq ft facility in Red Deer and general working capital.
In connection with the Private Placement, insider 2011939 Alberta Ltd. ("2011939") purchased 3,333,333 Common Shares or $500,000 thereby increasing their holdings to 13.8% from 11.7%. The participation of 2011939 constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument MI 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the Private Placement does not exceed 25% of the market capitalization of the Company as calculated in accordance with MI 61-101.
About CanadaBis Capital Inc.
With the ever growing demand for Cannabis concentrates, Stigma grow is now in 5 provinces and looks to complete transactions with 2 more by mid month. Stigma grow has been very active in the third party toll processing of concentrates for other distinguished Producers and looks to fill more of its recently completed capacity in the near future. CanadaBis Capital Inc. (TSXV:CANB) remains a vertically integrated Canadian cannabis company focused on large-scale growth within the fast-emerging global cannabis market. By targeting strategic partnership and business growth opportunities, we remain focused on remaining leaders within the newly emerging cannabis concentrates market.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to our business and operations including development and expansion plans; intention to develop property in British Columbia; increasing our product lines to include CBD distillates; and our general business plans. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: compliance with extensive government regulation, the general business, economic, competitive, political and social uncertainties; successful negotiation of necessary agreements to get our product to market; requirement for further capital, delay or failure to receive board, shareholder or regulatory approvals; the results of operations and such other matters as set out in the Filing Statement available on SEDAR at www.sedar.com. 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. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the
statements are made. Although we believe that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance
should not be placed on such information, as unknown or unpredictable factors could have a material adverse effect on our future results, performance or achievements.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. CanadaBis Capital does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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.
SOURCE: CanadaBis Capital Inc.
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