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Choom™ and ABcann Announce Strategic Investment and Supply Agreement
Choom™ and ABcann Announce Strategic Investment and Supply Agreement.
About this update from Choom Hldgs Inc.
[{"type":"text","content":"\n\n\n\nChoom™ and ABcann Announce Strategic Investment and Supply Agreement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nChoom™ and ABcann Announce Strategic Investment and Supply Agreement\nCanada NewsWire\nVANCOUVER and NAPANEE, ON, March 19, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n\n\n\nVANCOUVER and NAPANEE, ON, March 19, 2018 /CNW/ - Choom™ (CSE: CHOO; OTCQB: CHOOF) (the \"Company\" or \"Choom\") and ABcann Global Corporation (\"ABcann\") (TSXV: ABCN, OTCQB: ABCCF) are pleased to announce that the Company has completed a financing of subscription receipts (each, a \"Subscription Receipt\") for gross proceeds of $7.0 million including a $4.0 million lead order from ABcann. \n\n\n \n \n\n \nStrategic Subscription Receipt Financing - $7.0 million\n\nFurther to Choom's news release of March 19, 2018, the Company announces that it has completed a strategic private placement of Subscription Receipts concurrent with the execution of a definitive agreement relating to the acquisition of International Tungsten Inc. (\"ITI\"). In total 11,666,991 Subscription Receipts were issued for gross proceeds of $7.0 million (the \"Offering\"), including a strategic $4.0 million lead order from ABcann. \n\n\"ABcann remains committed to becoming a global leader in the cannabis sector. With our strategic investment in Choom, we are signaling a strong move into the recreational market with one of the premium recreation brands in Canada,\" stated Barry Fishman, CEO of ABcann. \"With our strong cash position of approximately $135,000,000, ABcann intends to pursue other accretive opportunities to diversify our industry presence. We look forward to working with and assisting the Choom team with the supply of our premium grown products.\"\n\nSupply Agreement\n\nAdditionally, Choom™ has entered into a binding agreement (the \"Supply Agreement\") with ABcann whereby ABcann, one of Canada's premier growers, will supply Choom™ with premium cannabis products, s...