VANCOUVER, BC / ACCESSWIRE / November 4, 2020 / Glenbriar Technologies Inc. (CSE:GTI.X) (the "Company") wishes to announce that it has entered into an arms length agreement to acquire all of the shares of private BC based Kick Pharmaceuticals Inc. ("Kick"). The agreement contemplates that the Company will issue up to 348 million common shares of the Company, at a deemed value of approximately $8.5 million, to the shareholders of Kick. That amount of shares assumes a concurrent private placement by Kick of $1,625,000.
The Company is also undertaking a non-brokered private placement of up to $1,500,000 by the sale of units at $0.03, each unit consisting of one common share and one warrant exercisable into one common share at a price of $0.05 for 2 years.
The transaction is subject to exchange approval, further due diligence and shareholder approval. The transaction will be considered a Fundamental Change pursuant to the policies of the Canadian Securities Exchange, subject to shareholder and CSE review. Trading in the shares of the Company will be halted pending review and approval of the transaction.
About Kick
Kick Pharmaceuticals Inc. was founded in 2020 and is a specialized health and wellness company with exclusive rights/licenses to produce, market, package, sell and distribute 6 pharmaceutical and therapeutic products throughout Europe, North America and the United Kingdom. Many of the products are sale-ready, with proven history and significant sales upside once marketed and sold at scale, and are focused on the global sexual wellness and enhancement market. Kick also holds the rights to a patent application for an alternate delivery system for the drug Nabilone, an FDA approved, medical grade synthetic cannabinoid. The company anticipates increasing value for shareholders through further mergers and acquisitions that complement its strong portfolio of intellectual property.
Pursuant to the policies of the Canadian Securities Exchange, trading in the shares of the Company will be halted pending review and approval of this transaction by the exchange.
For further information, please contact:
Doug Taylor, CEO
Investor Relations
Telephone: 1 (604) 343-2977
E-mail: irglenbriartech@gmail.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE: Glenbriar Technologies Inc.
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