NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, April 06, 2021 (GLOBE NEWSWIRE) -- BC Craft Supply Co. Ltd. (the “Company” or “BC Craft”) (CSE: CRFT) (OTC:CRFTF) (FSE:ZZD1) announces that further to the news release dated March 23, 2021, it has closed the strategic private placement with Mr. Daniel Petrov for aggregate proceeds of $500,000
The Company has issued 6,095,238 units (“Units”) of the Company at a price of CAD $0.084 per Unit, with each Unit being comprised of one common share (each a “Common Share”) and one-half of one (1/2) common share purchase warrant (each whole warrant being a “Warrant”) of the Company. Each Warrant is exercisable to acquire one additional Common Share of the Company for a period of 24 months from closing with an exercise price of CAD $0.126 per Common Share. Proceeds from the private placement will be used for general working capital.
The Company also announces that is has issued 1,562,000 Common Shares at a deemed price of $0.064 per Common Share to Mr. Petrov pursuant to his appointment to the Company’s advisory board. The Common Shares will vest over a period of 12 months in accordance with the terms of Mr. Petrov’s advisory board agreement.
All securities issued are subject to a hold period of four months and one day.
Daniel Petrov stated, "I am excited to offer my expertise and provide insight and advice to BC Craft and its US expansion. BC Craft is poised to be highly competitive in Canada and Biden’s USA.”
Matthew Watters, CEO of BC Craft stated, “We are thrilled to have Daniel’s support in the next chapter of craft cannabis and BC Craft's expansion into the US market. Our management philosophy supports long-term, relational business (rather than the type of short-term transactional business that has proven harmful to the cannabis industry). We have commenced on an incredibly valuable advisory relationship with Daniel that will help us expand in Canada, the USA and foreign markets.”
For further information please contact Matthew Watters, Director, at (604) 687-2038.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About BC Craft Supply Co. Ltd.
Based in Vancouver, British Columbia, BC Craft Supply Co. has aggregated the best legacy-era talent from Canada's craft cannabis industry, which boasts an international reputation. The team at BC Craft supports the most trusted cannabis cultivators in Canada to transition into their supply chain, bringing with them their unique cultivars and years of experience with the plant. In exchange for support with licensing, compliance and distribution, cultivators will sign on as a BC Craft supplier. This makes BC Craft uniquely positioned to be the premium cannabis brand in Canada.
BC Craft’s subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada.
Click here to connect with BC Craft Supply Co. on Instagram, and Facebook, and click here to link to our website to find more information on the Company.
CONTACT
Matthew Watters, Direct Phone: 604-687-2038
Email: mwatters@bccraftsupplyco.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking information in this press release includes statements relating to the results from the appointment of Daniel Petrov to the Company’s Advisory Board and the Company’s use of proceeds from the private placement. Although the Company believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Accordingly, readers should not place undue reliance on forward-looking statements. BC Craft disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.