Business
CanadaBis Capital Corp. Announces $550,000 Financing and Purchase by Strategic Investor
RED DEER, AB / ACCESSWIRE / August 31, 2020 / CanadaBis Capital Inc. (TSXV:CANB) ("CanadaBis...
About this update from Canadabis Capital, Inc.
[{"type":"text","content":"CanadaBis Capital Corp. Announces $550,000 Financing and Purchase by Strategic InvestorRED DEER, AB / ACCESSWIRE / August 31, 2020 / CanadaBis Capital Inc. (TSXV:CANB) (\"CanadaBis\" or the \"Company\") is pleased to announce a non-brokered private placement of up to 3,666,666 shares ( Common Shares ) at a price of $0.15 per Common Share for gross proceeds of up to $550,000.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 ongoing growth as a National concentrates producer as well as recent expansion of up to 160,000 kgs of annual throughput in its 66,000 sq ft facility in Red Deer and general working capital.In connection with the Private Placement, insider 2011939 Albert Ltd. plans on purchasing up to 3,333,333 Common Shares or $500,000 thereby increasing their holdings to 13.8% from 11.7%. The participation of that person 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.With the ever growing demand for Cannabis concentrates, Stigma grow is now in 5 provinces and looks to complete transactions with 2 more by mid month. Stigma grow has been very active in the third party toll processing of concentrates for other distinguished Producers and looks to fill more of its recently completed capacity in the near future. CanadaBis Capital Inc. (TSXV: CANB) remains 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 remaini...