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OTTAWA, June 27, 2018 (GLOBE NEWSWIRE) -- Buzz Capital Inc. (the “Corporation” or “Buzz”) (TSXV:BUZ.P) is pleased to provide an update on its proposed qualifying transaction with Kaya Inc. (“Kaya”), pursuant to which Buzz has agreed to acquire all of the outstanding securities of Kaya, a vertically integrated cannabis company licensed to cultivate, process, distribute, and retail medical cannabis in Jamaica (through its affiliate Island Kaya), which, subject to certain conditions and applicable shareholder, corporate and TSX Venture Exchange (the “Exchange”) approvals will constitute the Corporation’s “Qualifying Transaction” as such term is defined under the policies of the Exchange.
Buzz and Kaya are continuing to work towards the consummation of the Qualifying Transaction, and have entered into an amendment to the existing letter of intent between parties, pursuant to which the target closing date for the Qualifying Transaction has been extended to September 15, 2018. The Qualifying Transaction is subject to customary closing conditions, including (i) execution of a definitive agreement, (ii) completion of the concurrent financing as more particularly described in the news release of the Corporation dated March 16, 2018, (iii) requisite shareholder approvals for the Qualifying Transaction, the consolidation and the name change by each of Buzz and Kaya, as applicable, and (iv) receipt of applicable regulatory approvals, including the conditional approval of the Exchange.
Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
For Further Information, Please Contact:
Buzz Capital Inc.
Chuck Rifici, President and CEO at 613-239-0531 ext. 1; or
Tammie Brown, Director of Corporate Services at 613-239-0531 ext. 3
Cautionary statements
This press release contains "forward-looking information" within the meaning of applicable securities laws relating to the proposal to complete the Qualifying Transaction and associated transactions, including statements regarding the terms and conditions of the Qualifying Transaction and the Concurrent Financing. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Qualifying Transaction and associated transactions, that the ultimate terms of the Qualifying Transaction and associated transactions will differ from those that currently are contemplated, and that the Qualifying Transaction and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this press release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, Kaya, their securities, or their respective financial or operating results (as applicable).
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
Neither 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 or accuracy of this release.