/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, AB, April 17, 2024 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC") is pleased to announce that it has closed its previously announced oversubscribed non-brokered private placement of units ("Units") for net proceeds of $800,000 (the "Financing"), including approximately $100,000 of proceeds from insiders. SSC is also pleased to announce the launch of products into the Saskatchewan recreational market.
Jeff Swainson, President & CEO of SSC, stated: "We would like to thank the Financing participants for their belief in SSC, resulting in an oversubscribed Financing. We expect this capital will fuel profitable revenue growth in both existing and new markets, and we are excited about our prospects built on the foundation of compelling brands, tenacious work ethic, and a debt free balance sheet."
Oversubscribed $800,000 Unit Financing
A total of 5,333,334 Units were issued at a price of $0.15 per Unit with each Unit consisting of one common share and one common share purchase warrant of SSC (a "Warrant"). Each Warrant is exercisable for one common share of SSC at a price of $0.20 per share for a period of three years from the date hereof. All securities issued under the Financing are subject to a hold period expiring four months and one day from the date of issue.
666,899 Units for net proceeds of approximately $100,000 were purchased by insiders of SSC.
SSC intends to use the proceeds of the Financing to facilitate accelerated production of its Astrolab, Frootyhooty and Lamplighter products for delivery into the Ontario and Alberta recreational cannabis markets, expansion into new markets, and for capital expenditures related to production efficiencies.
The Financing was previously announced in SSC's press releases dated March 28, 2024 and April 8, 2024, which are available on SSC's SEDAR+ profile at www.sedarplus.ca. Units acquired by insiders are considered "related party transactions" for the purposes of National Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). SSC was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101.
The Financing is subject to the final approval by the TSXV.
Saskatchewan Product Launch
SSC is pleased to have received a purchase order and will be launching products from it's Astrolab, Frootyhooty and Lamplighter brands into the Saskatchewan recreational cannabis market in April and May 2024.
SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the use of proceeds of the Financing, profitable revenue growth in both existing and new markets, the prospects of SSC, expansion into new markets, accelerating production and obtaining production efficiencies, and the launch of products into the Saskatchewan recreational cannabis market. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither 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 Simply Solventless Concentrates Ltd.
Simply Solventless Concentrates Ltd., Jeff Swainson, President and CEO, Phone: 403-796-3640, Email: [email protected]
Also from this source
Share this article