Business
Golden Leaf Announces Timing of Corporate Name Change to Chalice Brands Ltd. and Share Consolidation
Golden Leaf Announces Timing of Corporate Name Change to Chalice Brands Ltd. and Share Consolidation.
About this update from Chalice Brands Ltd.
[{"type":"text","content":"\n PORTLAND, Ore., May 20, 2021 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (CSE:GLH) (OTCQB:GLDFF) (“Golden Leaf” or the “Company”), announced today that, pursuant to the shareholder approval obtained by the Company at its Annual and Special Meeting (“AGM”) held on May 10, 2021, the Company is enacting the consolidation of its common shares on the basis of one (1) post-consolidation common share for every twenty-three (23) pre-consolidation common shares (the \"Consolidation\") and the change of its name from “Golden Leaf Holdings Ltd.” to “Chalice Brands Ltd.” (the “Name Change”). The Consolidation and the Name Change will take effect on Tuesday, May 25, 2021 and the Company's common shares will commence trading on a post-Consolidation basis under the new name and under the symbol “CHAL” on the Canadian Securities Exchange at the open of trading on May 20, 2021. The Company will receive a new symbol for the OTCQB in short-order and will announce separately. “Management believes the acquisition of Homegrown as announced on May 19, 2021 represents a transformative event for Chalice, making this the right inflection point to embark on the Name Change and Consolidation. As noted in that release, we raised sufficient capital to fund this accretive acquisition. Combined with the fact that Homegrown is cash flow positive, the Company will be able to generate positive cash flow to fund operations,” stated John Varghese, Executive Chairman of Chalice Brands Ltd.    “Rebranding as Chalice allows this management team that has been on executing our “Crawl, Walk, Run” operating philosophy to focus on the future and leave all legacy issues behind”, stated Jeff Yapp, Chief Executive Officer of Chalice Brands Ltd. Over the last 18 months we have continued to gather momentum and galvanize management behind the Chalice brand.” Our Chalice Farms stores and our Chalice chews are the pride of our business. As we put the Golden Leaf era behind us, this name change serves to symbolize our resurgence as a relevant contender in the US cannabis industry, driven by leadership in our home market of Oregon.” As a result of the Consolidation, approximately 1,358,871,942 common shares issued and outstanding prior to...