TORONTO, Oct. 06, 2017 (GLOBE NEWSWIRE) -- Mira IX Acquisition Corp. (“Mira IX”) (TSXV:MIA.P) is pleased to announce that it has entered into a letter of intent dated October 6, 2017 with Nuuvera Corp. (“Nuuvera”) to complete a going-public transaction in Canada for Nuuvera (the “Proposed Transaction”).  Mira IX intends that the Proposed Transaction will constitute its “Qualifying Transaction” under Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange (the “TSXV”). For convenience, Mira IX, as it will exist after completion of the Proposed Transaction, is sometimes referred to herein as the “Resulting Issuer”.

Nuuvera is engaged in the testing, formulation, production, extraction and sale of medicinal cannabis products in Canada and other legal International jurisdictions (excluding the United States, where no Nuuvera business is conducted). Nuuvera carries on its business through its subsidiaries, ARA-Avanti Rx Analytics Inc. (“Avanti”), of which Nuuvera indirectly holds 51%, and Avalon Pharmaceuticals Inc. (“Avalon”), an indirect, wholly-owned subsidiary of Nuuvera.

Avanti is a “Licensed Dealer” as defined pursuant to the Narcotic Control Regulations and holds an establishment license evidencing its facility’s compliance with Health Canada’s Good Manufacturing Practices requirements. The business of Avanti is the extraction, testing and analysis of cannabis and cannabis derivative products on behalf of “Licensed Producers” and other authorized individuals under the Narcotic Control Regulations and the Access to Cannabis for Medical Purposes Regulations. Avanti does not grow, distribute, nor sell/commercialize cannabis. In addition, Avanti offers a comprehensive menu of services in respect of controlled substances beyond cannabis including analytical research and development and quality control, as well as quality assurance and regulatory consulting.

Avalon is a late stage Licensed Producer applicant under the Access to Cannabis for Medical Purposes Regulations. Health Canada has granted Avalon permission to proceed with the construction of its cultivation facility located in Brampton, Ontario and Avalon anticipates completion and full production in  Q2 2018.

Nuuvera has also entered into a strategic partnership with Aphria Inc. (“Aphria”) which includes a “cannabis supply agreement” for Nuuvera to purchase up to 17,500 KG of cannabis from Aphria in 2018/2019, as well as an outsourced 1 million square foot “contract grow” facility to be built and operated by Aphria in Leamington, Ontario.

If the Proposed Transaction is completed, it is anticipated that the board of directors of the Resulting Issuer will consist of 5 directors (the “New Directors”), each of whom will be nominated by Nuuvera, and the executive officers of the Resulting Issuer will be appointed by the New Directors.  The New Directors will be put forth and nominated at a meeting of Mira IX’s shareholders to be held prior to the completion of the Proposed Transaction.

In conjunction with, and prior to the closing of the Proposed Transaction, Nuuvera intends to complete a brokered private placement of subscription receipts for gross proceeds of not less than $20 million, with an option to be granted to the agents to increase the size of the private placement by up to 15% (the “Private Placement”). It is expected that each subscription receipt will be automatically exchanged for one common share of Nuuvera immediately prior to the completion of the Proposed Transaction and upon the satisfaction of specified escrow release conditions, including the completion or waiver of all conditions precedent to the Proposed Transaction and the conditional approval for listing of the common shares of the Resulting Issuer.

For the purposes of the Proposed Transaction, the deemed value of each outstanding common share of Mira IX will be $0.15 (on a pre-consolidation basis). Pursuant to the Proposed Transaction it is intended that: (i) the outstanding common shares of Mira IX will be consolidated on the basis of a consolidation ratio to be determined based on the per share price of the Private Placement (the “Consolidation”); and (ii) the holders of Nuuvera shares (including those investors in the Private Placement) will receive one common share of the Resulting Issuer in exchange for each outstanding Nuuvera common share (on a post-Consolidation basis). The outstanding options of Mira IX will be adjusted accordingly to reflect the Consolidation. Following the completion of the Proposed Transaction, the securityholders of Nuuvera (including those investors under the Private Placement) will hold a significant majority of the outstanding common shares of the Resulting Issuer.

A comprehensive press release with further particulars relating to the Proposed Transaction and the Resulting Issuer will follow in accordance with the policies of the TSXV.

Completion of the Proposed Transaction is subject to a number of conditions including, but not limited to: completion of satisfactory due diligence; execution of a definitive agreement in respect of the Proposed Transaction; receipt of regulatory approvals; acceptance of the Proposed Transaction as Mira IX’s Qualifying Transaction by the TSXV; receipt of approval for the listing of the common shares of the Resulting Issuer; completion of the Private Placement; shareholders of Nuuvera approving the Proposed Transaction and such other matters necessary to complete the Proposed Transaction; and shareholders of Mira IX approving certain matters ancillary to the Proposed Transaction, including the appointment of the New Directors, subject to the completion of the Proposed Transaction. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in securities of a capital pool company should be considered highly speculative.

The TSXV has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.


Notice on forward-looking statements:

This release includes forward-looking information within the meaning of Canadian securities laws regarding Mira IX, Nuuvera and their respective subsidiaries and businesses, which may include, but are not limited to, statements with respect to the completion of the Private Placement and the Proposed Transaction, the terms on which the Private Placement and the Proposed Transaction are intended to be completed, the ability to obtain regulatory and shareholder approvals and other factors.  Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved.  Such statements are based on the current expectations and views of future events of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, including completion of the Proposed Transaction (and the proposed terms upon which the Proposed Transaction is proposed to be completed), may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the cannabis industry, market conditions, economic factors, management’s ability to manage and to operate the business of the Resulting Issuer and the equity markets generally.  Although Mira IX and Nuuvera have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.  Accordingly, readers should not place undue reliance on any forward-looking statements or information.  No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and neither Mira IX nor Nuuvera undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Mira IX is a capital pool company governed by the policies of the TSXV. The principal business of Mira IX is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.

For further information:

Mira IX Acquisition Corp.: Ronald D. Schmeichel, Chairman, (416) 972-9993

Nuuvera Corp.:  Lorne Abony, Chief Executive Officer,