1. Homepage
  2. Equities
  3. Canada
  4. CANADIAN NATIONAL STOCK EXCHANGE
  5. Sunniva Inc.
  6. News
  7. Summary
    SNN   CA86745H1010

SUNNIVA INC.

(SNN)
Delayed CANADIAN NATIONAL STOCK EXCHANGE  -  06/22 12:05:41 pm EDT
0.1500 CAD   -3.23%
02/14Sunniva Inc. Announces Issuance of Secured Promissory Notes of its Wholly-Owned Subsidiary, CP Logistics, LLC
GL
02/14Sunniva Inc. Announces Issuance of Secured Promissory Notes of its Wholly-Owned Subsidiary, CP Logistics, LLC
GL
01/14Sunniva Inc. Announces Financial Update
GL
SummaryQuotesChartsNewsCalendarCompany 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Sunniva Inc. Announces Financial Update

01/14/2022 | 12:46pm EDT

 VANCOUVER, British Columbia, Jan. 14, 2022 (GLOBE NEWSWIRE) -- Sunniva Inc. (“Sunniva”, the “Company”) (CSE:SNN) (OTC Pink Sheets:SNNVF) provides an update on several financing related items.

The Company’s wholly-owned subsidiary, CP Logistics, LLC (“CPL”), is proposing to conduct a non-brokered private placement of up to US$1M of secured promissory notes (the “Notes”), bearing interest at a rate of 20% per annum and maturing on January 31, 2026 (the “CPL Financing”). The Notes will be secured against all of the assets of CPL. If the Arbitration (as defined below) results in a monetary award, holders of the Notes shall be entitled to be repaid in respect of the Notes from such monetary award in priority to all other persons. The proceeds from the Notes will be used principally to fund CPL’s ongoing expenses pursuant to the Arbitration.
  
CPL continues to be engaged in arbitration with the current owner and landlord of the California glasshouse, Bobs LLC, in regards to CPL’s rights as tenant under an October 20, 2017 Conditional Build to Suit Lease and a March 2018 Subordinated Non-Disturbance and Attornment Agreement (the “Arbitration”). The Arbitration is being administered by JAMS Arbitration. The parties have agreed upon an arbitration hearing commencement date of June 1, 2022. The hearing is scheduled to proceed for 8 consecutive business days.

Separately from the CPL Financing, Sunniva has applied to the relevant securities commissions for a partial revocation of the cease trade order applicable to securities of the Company issued on June 22, 2020, for failure to file certain financial documents (the “Cease Trade Order”) to permit a private placement financing of the Company to raise sufficient funds to cover certain of the Company’s expenses, including expenses in connection with the audit of the Company’s financial statements, in compliance with applicable securities laws. There is no certainty that the securities commissions will grant such an order. Trading of the Company’s shares will continue to be suspended until the Cease Trade Order has been fully revoked.

Cautionary Note Regarding Forward-Looking Information or Statements

This press release contains forward-looking information or statements. All statements that are, or information which is, not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, the application for a partial revocation of the Cease Trade Order to permit a private placement financing, CPL’s ongoing arbitration with Bobs LLC, and the terms of CPL’s proposed non-brokered private of secured promissory notes, are “forward-looking information or statements”. Forward-looking information or statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. With respect to forward-looking information and statements contained herein, Sunniva has made numerous assumptions including, among other things, assumptions about general business and economic conditions. Such forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking information or statements. Such risks and uncertainties include, among others, the risk factors included in the Sunniva’s continuous disclosure documents available on www.sedar.com. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking information or statements. Although Sunniva has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking information or statements. Sunniva assumes no obligation to update any forward-looking information or statements, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

Company Contacts:

Sunniva Inc.
Dr. Anthony Holler
Chairman and Chief Executive Officer
Phone: (866) 786-6482


All news about SUNNIVA INC.
02/14Sunniva Inc. Announces Issuance of Secured Promissory Notes of its Wholly-Owned Subsidi..
GL
02/14Sunniva Inc. Announces Issuance of Secured Promissory Notes of its Wholly-Owned Subsidi..
GL
01/14Sunniva Inc. Announces Financial Update
GL
01/14Sunniva Inc. Announces Financial Update
GL
2021Sunniva Inc. Announces Corporate Update
AQ
2021TRANSCRIPT : Sunniva Inc. - Special Call
CI
2021SUNNIVA : Running Out of Cash, to Seek Regulatory Approval for Special Private Placement
MT
2021SUNNIVA INC : . Announces Financial Update and Shareholder Update Call
AQ
2021SUNNIVA : Announces Change of Auditor
AQ
2021SUNNIVA : Announces Appointment of Norman Valz to Board of Directors
AQ
More news
Chart SUNNIVA INC.
Duration : Period :
Sunniva Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Managers and Directors
Anthony F. Holler Chairman & Chief Executive Officer
Ian Andrew Webb Independent Non-Executive Director
Norman Joseph Mayr Independent Non-Executive Director
Norman Valz Director