BlissCo Completes Acquisition and Closes Over-Subscribed Financing
Vancouver, British Columbia (FSCwire) - BlissCo Cannabis Corp. (“Company”) announces that it has completed its previously announced acquisition (the “Acquisition”) of Bliss Co Holdings Ltd. (“BlissCo”) effective February 23, 2018.
In conjunction with the Acquisition, the Company has completed an over-subscribed financing of 18,684,043 units (“Units”) at $0.30 per Unit for aggregate gross proceeds of $5,605,213 (the “Financing”). Each Unit is comprised of one common share (“Share”) and one Share purchase warrant (“Warrant”). Each Warrant entitles the holder to acquire one Share at an exercise price of $0.60 for a period of two years, provided that the Company may accelerate the expiry date by providing 20 days’ notice in the event that the Shares have a volume weighted average price of $0.80 or higher for a period of 10 consecutive trading days. All securities issued under the Financing were issued on a post-consolidated basis and are subject to a four-month hold period in accordance with applicable securities laws.
Trading on the CSE under the symbol BLIS is expected to commence early this week.
"Closing of the Acquisition represents a significant milestone for the Company as we look to complete the construction of our facility," said the Company’s Chief Executive Officer, Damian Kettlewell. "The capital raised under the Financing will be used towards completing the steps necessary for the Company to obtain a license to produce and sell marijuana."
Further information regarding the Acquisition is set forth in the Company’s listing statement (“Listing Statement”) supporting its application for listing on the Canadian Securities Exchange (“CSE”). A copy of the Listing Statement is available under the Company’s profile at www.sedar.com.
BlissCo is constructing an urban Access to Cannabis for Medical Purposes Regulation (ACMPR) cultivation facility with a focus on being a high-volume packager, processor and distributor of recreational cannabis when it is legal in Canada, which is currently anticipated to be by July 2018, and of medical cannabis. It recently took ownership of its 12,600 sq. ft. industrial facility in Langley, British Columbia and considering the May 2017 changes Health Canada announced to the licensing process BlissCo is confident that its license will be earned shortly after completing construction.
With an ACMPR cultivation and then a sales license BlissCo will grow and sell dried cannabis and cannabis oil to approved medical patients through its online portal and service excellence call centre. BlissCo will focus on high volume sales opportunities in the legal cannabis market when individual distribution models are established by Canadian provinces and territories.
ON BEHALF OF THE BOARD OF DIRECTORS
BLISSCO CANNABIS CORP.
Praveen Varshney, FCPA, FCA,
For further information please contact:
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the word “will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: the listing of the Shares on the CSE, strategic plans and future operations, completion of a cultivation facility, capital expenditures, receipt of an ACMPR license and other objectives. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
To view the associated document to this release, please click on the following link:
Source: BlissCo Cannabis Corp. (CSE:BLIS)
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