"The closing of this offering further strengthens the Company's balance sheet as our team focuses on translating our expanded product portfolio and growing sales pipeline into commercial revenue growth during the remainder of Q4 and through fiscal 2021," said David Attard, CEO of
Each Unit was issued at a price of
The Company intends to use the net proceeds from the Offering to finance working capital and general corporate purposes.
The Offering constituted a related party transaction within the meaning of Multilateral Instrument 61-101 as one insider of the Company subscribed for an aggregate of 50,000 Units. The participants in the Offering and the extent of their participation were not finalized until shortly prior to the completion of the Offering. Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the Offering pursuant to a material change report filed at least 21 days prior to the completion of the Offering.
In connection with the Offering, the Company paid
$106,000 to BMO Nesbitt Burns;$90,000 to CIBC Wood Gundy;$82,000 toCanaccord Genuity Corp. ;$40,000 toK-Lo Consulting andContracting Limited , a corporation controlled byMichael Kenneth Lord ;$14,000 toCormark Securities Inc. ;$10,800 toHaywood Securities Inc. ;$6,000 toEchelon Wealth Partners Inc. ;$1,000 toMackie Research Capital ; and$1,000 toPI Financial Corp.
In addition, the Company's Stock Option plan and RSU Plan were amended to address certain typographical errors and clarify certain existing provisions of the respective plans. Given the corrective nature of these amendments, Company shareholder approval is not required.
The Units, the Common Shares and Warrants comprising Units, and the Warrant Shares issuable upon exercise of the Warrants, have not been and will not be registered under the United States Securities Act of 1933, as amended (the "
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
ABOUT
The boards of directors and executive teams of both PharmaCielo and PharmaCielo Colombia are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as "may", "will", "expect", "believe", "intends", "likely", or other words of similar effect may indicate a "forward looking" statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company's publicly filed documents (available on SEDAR at www.sedar.com). Forward looking statements in this press release include those relating to the hold period on the Common Shares, the Warrants, and the Warrant Shares, significant growth of the Company, the use of proceeds and to the approval of the Offering by the TSXV and payment of Finder's fees to finders relating to the Offering. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, that necessary regulatory approvals, including the approval of the TSXV, may not be obtained in a timely manner or at all in relation to the Offering, that the market for the Company's products may be subject to volatility, that there may be less than anticipated demand for the Company's products, risks associated with the Company operating in Colombia, risks associated with global economic instability relating to COVID 19 and the potential for it to disrupt global markets as well as the other risks and uncertainties applicable to cannabis producing companies, the Company's ability to obtain the necessary permits and licenses it requires in order to export its products from Colombia and into other countries, risks associated with the regulation of cannabis and cannabinoid derivatives, risks associated with operating in Colombia, currency exchange risk and additional risks described in the Company's Annual Information Form for the year ended
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