Business
CanadaBis Capital Corp. Announces $1.5 M Financing and Insider Participation
RED DEER, AB / ACCESSWIRE / April 20, 2020 / CanadaBis Capital Inc. ("CanadaBis" or the "Com...
About this update from Canadabis Capital, Inc.
[{"type":"text","content":"CanadaBis Capital Corp. Announces $1.5 M Financing and Insider ParticipationRED DEER, AB / ACCESSWIRE / April 20, 2020 / CanadaBis Capital Inc. (\"CanadaBis\" or the \"Company\") is pleased to announce a non-brokered private placement of up to 10,000,000 shares ( Common Shares ) at a price of $0.15 per Common Share for gross proceeds of up to $1,500,000.The shares will be offered on a non-brokered basis by way of private placement to accredited investors and any securities issued will be subject to a hold period of four months plus one day from the date of closing. This financing is subject to TSX Venture Exchange and regulatory approval. Proceeds of the financing will be used to fund the general working capital and for the extraction facility's recent expansion of up to 160,000 kgs of annual throughput in its 66,000 sq ft facility in Red Deer.In connection with the Private Placement, insiders plan on purchasing up to 4,836,666 Common Shares or $725,500; this includes Travis McIntyre and Kimberley McIntyre. The participation of insiders constitutes a \"related party transaction\" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument MI 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the Private Placement does not exceed 25% of the market capitalization of the Company as calculated in accordance with MI 61-101.About CanadaBis Capital Inc.CanadaBis Capital Inc. (TSXV:CANB) is a vertically integrated Canadian cannabis company focused on large-scale growth within the fast-emerging global cannabis market. By targeting strategic partnership and business growth opportunities, we remain focused on remaining leaders within the newly emerging cannabis concentrates market. The Company is pleased to announce the shipping out of their first shipment of cannabis extracts, with high-potency pre-rolls going out later this month through their subsidiary (Stigma Grow).For further information on CanadaBis Capital, 1998643 (Stigma Grow), or INDICAtive Collection please visit www.canadabis.com, www.stigmagrow.ca, www.indicativecollect...