TORONTO, Oct. 31, 2017 (GLOBE NEWSWIRE) -- Quinsam Capital Corp. (CSE:QCA) ("Quinsam" or the "Company") today released that it has reached an agreement to invest in Osoyoos Cannabis Inc (“Osoyoos”).
Osoyoos is an aboriginal company based in Oliver, B.C. A subsidiary of Osoyoos has applied for a commercial producer’s ACMPR license. The subsidiary corporation expects to be treated as an Aboriginal Applicant and thereby obtain priority status with Health Canada.
The president of Osoyoos is Joseph Linkevic. Mr. Linkevic holds an LL.B. from the University of Victoria and LL.M. and a M.A. from University of Arizona, Tucson, Arizona. His background includes several decades in working with First Nations and the federal government. He is a member of the Osoyoos Indian Band in British Columbia, Canada. He is also a member of the Navajo Nation Bar in Arizona and currently works towards helping First Nations and Indian Tribes achieve self-sufficiency through economic development ventures.
Osoyoos has secured a letter of intent to lease 2.6 acres from the Osoyoos Indian Band near Oliver, BC and has the ability to obtain additional land in the future.
The Osoyoos Indian Band (“OIB”) people honour their hard-working, self-supporting economy by developing long-term, trusted business relationships. Through many decades of success, the OIB has built meaningful business relationships that have created a trusted reputation of being an Indian Band of exceptional business acumen.
“We look forward to working with Osoyoos, Mr. Linkevic and the Osoyoos Indian Band to help bring this project to fruition” said Roger Dent, CEO of Quinsam.
Michael Newman, a director of Quinsam, is also a director of Osoyoos.
The planned $262,500 investment in Osoyoos will include a 3-year 10% convertible debenture as well as warrants. Quinsam will also obtain an arrangement fee payable in shares of Osoyoos. Closing of the investment is expected in the near term. Quinsam expects Osoyoos to seek a stock exchange listing in the coming months.
“While Osoyoos is not as advanced as some other ACMPR applicants, the valuation at which our investment has been made is reflective of that fact. We think that the Osoyoos team together with the relationship with the OIB and the advantages inherent in being an Aboriginal Applicant will allow Osoyoos to be successful” said Roger Dent.
About Quinsam Capital Corp.
Quinsam is a merchant bank based in Canada that is focusing on cannabis-related investments. Our merchant banking business may encompass a range of activities including acquisitions, advisory services, lending activities and portfolio investments. Quinsam invests its capital for its own account in assets, companies or projects which we believe are undervalued and where we see a viable plan for unlocking such value. We do not invest on behalf of any third party and we do not offer investment advice.
Generally, Quinsam does not believe that individual investments are material reportable events. Quinsam chooses to announce certain investments once the company is certain that it has finished buying its position because the Company feels that this information helps Quinsam’s investors understand its investment decision making process. Generally, Quinsam does not announce the sale of investments.
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Roger Dent, CEO
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