Cannabis Growth Opportunity Corporation Postpones Short Form Prospectus Offering
TORONTO, Oct. 4, 2018 /CNW/ - Cannabis Growth Opportunity Corporation (CSE: CGOC), ("CGOC", or the "Company"), a cannabis focused investment corporation with both public and private cannabis holdings, announces the postponement of the company's current short form prospectus offering ("Offering"),(see press release dated September 17, 2018).
The Company has made the decision to postpone the Offering at this time due to the significant discount to the current Net Asset Value, which the Company believes would result in excessive dilution to shareholders, as well as the timing of the upcoming Special Meeting of Shareholders.
Jamie Blundell, President and Chief Operating Officer of CGOC commented, "CGOC is committed to providing investors with a well-managed and diversified portfolio of investments in both the public and private sector. We continue to assess the portfolio needs, and ensure we are able to be early movers in this industry."
"After the Special Meeting of Shareholders, we will revisit our needs to support continued growth. We remain committed to promoting the Company in an effort to increase awareness and to also close the current discount gap through enhanced marketing and Investor Relations efforts."
Special Meeting of Shareholders
The Company also reminds shareholders of the Special Meeting of Shareholders to be held on October 15, 2018. Shareholders are being asked to consider and approve the removal of investment restrictions prohibiting investments of more than 40% of total assets in securities of private issuers and investing more than 10% of total assets in securities of any single issuer. As outlined in the Management Information Circular ("Info Circ"), the Board of Directors and Management believes that these investment restrictions unduly restrict the Corporation's flexibility and its ability to respond to quickly changing market conditions. CGOC's unique investment strategy is predicated on the ability to invest in private companies ahead of their offering into the public markets allowing CGOC to maintain the early mover advantage ahead of large institutions and the general public.
A copy of the management information circular, which includes full details of the proposed changes, was mailed to shareholders of record as of the close of business on September 14, 2018 and is available on the Company's website at www.cgocorp.com, as well as under the profile on SEDAR available at www.sedar.com.
About Cannabis Growth Opportunity Corporation (CGOC)
CGOC is a unique investment corporation incorporated under the laws of Canada. CGOC's investment objectives are to provide holders of common shares long-term total return through capital appreciation by investing in an actively managed portfolio of securities of public and private companies operating in, or that derive a portion of their revenue or earnings from, products or services related to the cannabis industry. http://cgocorp.com/.
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.
SOURCE Cannabis Growth Opportunity Corporation
please contact Investor Relations at [email protected]
Share this article