Business
CanadaBis Capital Inc. and 1926360 Alberta Ltd. (dba Stigma Pharmaceuticals) Receive TSXV Conditional Acceptance
CALGARY, AB / ACCESSWIRE / April 18, 2019 / CanadaBis Capital Inc. " TSX-V: CANB.P " (" Ca...
About this update from Canadabis Capital, Inc.
[{"type":"text","content":"CanadaBis Capital Inc. and 1926360 Alberta Ltd. (dba Stigma Pharmaceuticals) Receive TSXV Conditional AcceptanceCALGARY, AB / ACCESSWIRE / April 18, 2019 / CanadaBis Capital Inc. \"TSX-V: CANB.P\" (\"CanadaBis\" or the \"Company\"), an Alberta capital pool corporation listed on the TSX Venture Exchange, is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (\"TSXV\") for its proposed qualifying transaction (the \"Qualifying Transaction\") with 1926360 Alberta Ltd. doing business as Stigma Pharmaceuticals (\"Stigma\"). Stigma is a company that recently obtained its cultivation and processing licenses for cannabis and cannabis products with a facility located in Red Deer, Alberta (the \"Facility\"). Closing of the Qualifying Transaction is expected to occur on or about April 24, 2019. Upon closing, Stigma will amalgamate with a subsidiary of CanadaBis to become a wholly owned subsidiary of CanadaBis.The Company filed a filing statement (the \"Filing Statement\") dated April 1, 2019, regarding its Qualifying Transaction. Upon completion, the proposed transaction will constitute a \"Qualifying Transaction\" as defined in the policies of the TSXV and the resulting issuer will be a Tier 2 Life Sciences Issuer (the \"Resulting Issuer\"). Upon completion of the Qualifying Transaction, the Resulting Issuer will continue to operate under the name of \"CanadaBis Capital Inc.\"The Company wishes to provide additional information regarding the Lease and Option to purchase the Facility dated April 1, 2019, as amended and restated (the \"Lease\"), entered into between Stigma's operating subsidiary and a related party of Stigma. The lease has a five-year term, expiring in December 2023, with an option to renew for a further five year term. In addition, the agreement contains an option for the lessee to purchase the building for approximately $4.2 million, plus 5% interest per annum should the option be exercised after the first year of the lease. The Lease contemplates Stigma incurring all operating expenses for the Facility directly to the extent possible. The \"rent\" payable by Stigma under the Lease is equal to the expenses actually incurred by the Landlord as owner of the Facility and has been capped at a maximum of $10,000 per month. In addition, non-payment of rent under the Lease is only a defa...