TORONTO, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Canna 8 Investment Trust (the “Trust”) (TSXV : RCR.P) is pleased to announce that it has completed an initial public offering in Ontario, British Columbia, Saskatchewan and Alberta of 6,000,000 units of the Trust (the “Units”), at a price of $0.10 per Unit, for aggregate gross proceeds of $600,000. Following the closing of the offering, a total of 12,120,000 Units are issued and outstanding, of which 6,180,000 are currently held in escrow pursuant to the policies of the TSX Venture Exchange (the “Exchange”).
The net proceeds of the offering, together with the proceeds from prior sales of Units, will be used by the Trust to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the Exchange’s capital pool company program.
Canaccord Genuity Corp. (the “Agent”) acted as agent for the initial public offering. In connection with the offering, the Trust granted to the Agent non-transferable options to acquire up to an aggregate of 600,000 Units (the “Agent’s Warrants”). Each Agent’s Warrant is exercisable to acquire one Unit at a price of $0.10 for a period of 24 months following the date that the Units are listed on the Exchange. In connection with the offering, the Agent also received a cash commission equal to 10% of the aggregate gross proceeds from the sale of the Units, along with a corporate finance fee of $12,500.
Following the closing of the offering, the Trust also granted stock options to trustees and officers exercisable to acquire up to an aggregate of 1,212,000 Units. Each option is exercisable to acquire one Unit at a price of $0.10 at any time on or before September 14, 2028.
The current trustees and officers of the Trust are: Dean Parmar, Chief Executive Officer and Trustee; Nebojsa Dobrijevic, Chief Financial Officer, Secretary and Trustee; Gopikannan Pillai, Trustee; Sundeep Cheema, Trustee; and Shant Poladian, Trustee.
The Units will commence trading on the Exchange today under the stock symbol “RCR.P”.
For further information please see the Trust’s prospectus dated July 6, 2018, available under the Trust’s profile on SEDAR at www.sedar.com
This press release contains certain forward-looking statements, including statements about the Trust’s future plans and intentions, listing of the Units on the Exchange, use of proceeds of the offering and completion of a Qualifying Transaction. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Trust cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Trust assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
For further information please contact:
Canna 8 Investment Trust
Gopikannan Pillai, Trustee
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.