TORONTO, ONTARIO--(Marketwired - July 5, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR THROUGH U.S. NEWSWIRE SERVICES
Beleave Inc. (the "Corporation" or "Beleave") wishes to announce that it has entered into a debt settlement agreement with certain consultants and creditors whereby Beleave will settle up to $210,056 of its Q4 2015 outstanding payables through the issuance of 466,792 common shares in the capital of the Corporation (the "Common Shares") at a deemed price of $0.45 per Common Share. Common Shares issued in the debt settlement are subject to a statutory hold period expiring four months and one day after the issuance where applicable.
The Corporation is also pleased to announce that it has been able to settle these payables and thanks its executive suite and consultants for participating in the quarterly debt settlement, that allows the Corporation to retain its cash position as it moves forward in its pursuit of a license under Health Canada's MMPR program.
The Corporation also wishes to announce issuance of 790,000 performance options exercisable at $0.50 per Common Share (the "Options") to various members of the advisory board and board of directors. 480,000 Options expire in five years from issuance and the remainder of 310,000 Options expire two years from issuance.
All Common Share and Option issuances are subject to applicable regulatory (including the Canadian Securities Exchange) approvals.
Beleave Inc. (formerly Stream Ventures Inc.) is a biotech company committed to becoming a licensed producer under the Marihuana for Medical Purposes Regulations (the "MMPR"). Beleave's wholly-owned subsidiary First Access Medical Inc. ("FAM") has applied for a licence to cultivate and sell medical marihuana pursuant to the MMPR. As of the date hereof, FAM has successfully advanced past the security clearance stage and is currently in the review stage of the licensing process. Beleave's purpose built facility is located near Hamilton, Ontario.