Creation Capital Completes $8.4 Million Subscription Receipt Financing

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[{"type":"text","content":"\n\n\n\nCreation Capital Completes $8.4 Million Subscription Receipt Financing\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\n\nCanada NewsWire\nVANCOUVER, May 30, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\nTSX-V: CRN.P\n VANCOUVER, May 30, 2019 /CNW/ - Creation Capital Corp. (TSX-V: CRN.P) (the \"Company\"), a capital pool company listed on the TSX Venture Exchange, is pleased to announce that it has completed its previously announced subscription receipt financing for gross proceeds of $8,393,045 (the \"Financing\"), $890,045 of which was raised on a non-brokered basis and $7,503,000 of which was raised on a brokered basis conducted by a syndicate of agents led by Beacon Securities Limited and including Canaccord Genuity Corp. The Financing was conducted in connection with the Company's proposed acquisition of PT Biogas Holdings Limited (\"Greenlane\"), doing business as Greenlane Biogas (the \"Qualifying Transaction\").\nPursuant to the Financing, the Company issued 41,965,225 subscription receipts (the \"Subscription Receipts\") at a price of $0.20 per Subscription Receipt for gross proceeds of $8,393,045. The gross proceeds of the Financing were deposited into escrow with an escrow agent pending satisfaction of the conditions precedent to the Qualifying Transaction and certain escrow release conditions (the \"Escrow Release Conditions\"). Upon satisfaction of the Escrow Release Conditions, each Subscription Receipt will be automatically converted, without payment of any additional consideration, into one special warrant of the Company (a \"Special Warrant\"). Each Special Warrant will automatically convert, without the payment of any additional consideration and without further action on the part of the holder thereof, into one common share of the Company (a \"Common Share\") and one-half of one common share purchase warrant of the Company (each full warrant, a \"Warrant\"...

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