TORONTO, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Pure Global Cannabis Inc. (TSX.V:PURE; OTC: PRCNF) (the “Company” or, “Pure Global” or “Pure”), an integrated growth-oriented cannabis bulk extracts and consumer products manufacturing company, operating through its wholly-owned subsidiary PureSinse Inc., which also operates under its B2B brand PureCanna Solutions, a Health Canada Licensed Producer under the Cannabis Act, is pleased to announce that it has completed its previously announced draw-down on the first tranche (the “First Tranche”) of its equity financing facility with Alumina Partners (Ontario) Ltd. (“Alumina”).
Under the First Tranche, the Company drew-down on approximately $197,916 from Alumina with Alumina receiving 2,777,778 units of the Company (“Unit”) at a price of $0.07125 per Unit. Each Unit is comprised of one common share in the capital of the Company (“Common Share”) and one warrant to acquire a Common Share at an exercise price of $0.1235 for a period of 40 months from the date of issuance, subject to certain acceleration rights available to Pure Global.
The Company intends to use the net proceeds of the First Tranche for working capital and general corporate purposes. The First Tranche is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange.
All of the securities issuable in connection with the First Tranche are subject to a hold period expiring four months and one day after date of issuance.
About Pure Global Cannabis
Pure Global is an EU-GMP grade cannabis manufacturer focused on producing high-quality high margin branded and white label cannabis and CBD consumer products, premium quality bulk dried flower, full spectrum concentrates, and pre-formulated active ingredients for CPG manufacturers globally. The Company is led by a professional team of experienced pharma, biotechnology, horticultural, extraction, manufacturing and consumer packaged goods experts, and operates through its wholly owned subsidiary, PureSinse Inc., which is a licensed producer under the Cannabis Act. Pure operates a B2B brand under PureCanna Solutions which is focused on high-margin bulk cannabis extracts, bulk CBD sales, as well as white label, and co-manufacturing services. The Company’s 18,000 square foot Brampton manufacturing campus houses facilities for vertically farmed hydroponic indoor cultivation, R&D, extraction, processing, and packaging. To compete in international markets, Pure Global is the process of deploying a joint operation in Yunnan, China for large scale hemp derived organic bulk CBD manufacturing and processing for international bulk and finished product sale under Special Economic Zone tax-free export provisions. Pure has also launched, or is in the process of launching, several premium branded products in targeted consumer categories into the Canadian legal adult market including PureSinse® Wellness, Paper&Weed Pre-Rolls, Galaxy Cannabis, Kumo Edibles, and PureSinse® Medical, which operates with Pure’s wholly own subsidiary Spark Cannabis Clinic, offering free telemedicine consultation for medical cannabis patients across Canada. Through its recently acquired division, The Great Canadian Health Company®, which won Hemp Product Company of the year at the recent 2019 GrowUp Awards, Pure is launching a line of organic hemp oil and CBD topical products, into several markets in Europe and Asia in early 2020.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about Pure Global’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could", “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Pure Global cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Pure Global assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange 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 release.
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