OTTAWA, April 17, 2018 (GLOBE NEWSWIRE) -- PERCY STREET CAPITAL CORPORATION ("Percy Street" or the “Corporation”) (TSXV:PSC.P) today announces that LiveWell Foods Canada Inc. ("LiveWell Foods") has entered into an agreement with a syndicate of agents led by Canaccord Genuity Corp. and including Beacon Securities Ltd., Echelon Wealth Partners Inc. and GMP Securities L.P., whereby the agents will sell on a commercially reasonable efforts basis, a minimum of 10,000,000 units of LiveWell Foods at a price of C$1.00 per unit (a “Unit”) for aggregate gross proceeds of a minimum of C$10,000,000 (the “Offering”). Each Unit will consist of one common share of LiveWell Foods (a "Common Share") and one half of one common share purchase warrant of LiveWell Foods (each whole warrant, a "Warrant"). Each Warrant shall be exercisable into one Common Share at a price of $1.30 per Warrant for a period of 24 months from the date of listing on a recognized Canadian stock exchange.
LiveWell Foods intends to use the net proceeds of the Offering to complete the 108,000 sqft Phase 1 retrofit (of a total planned 540,000 sqft) of the Artiva Greenhouse Facility in Ottawa, advance construction of the initial 100,000 sqft (of a total planned 1,000,000 sqft) of the Pontiac Project in Quebec, and for general working capital purposes.
As announced on January 16th, 2018, Percy Street and LiveWell Foods have entered into an arm’s length agreement in principle whereby Percy Street will purchase all of the issued and outstanding securities of LiveWell Foods, and it is intended that the proposed transaction will constitute Percy Street’s qualifying transaction under the policies of the TSX Venture Exchange (the “Qualifying Transaction”). Percy Street and LiveWell Foods are working diligently towards obtaining conditional approval from the TSX Venture Exchange for the Qualifying Transaction.
Contact information
Timothy McCunn
CEO, Percy Street Capital Corporation
613-566-2831
Disclaimer and Forward Looking Statements:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "plan”, “could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this press release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.