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SugarBud Announces Closing of the Disposition of its Oil and Gas Assets and Becomes a Pure-Play Canadian Cannabis Company
SugarBud Announces Closing of the Disposition of its Oil and Gas Assets and Becomes a Pure...
About this update from Sucro Limited
[{"type":"text","content":"\n\n\n\nSugarBud Announces Closing of the Disposition of its Oil and Gas Assets and Becomes a Pure-Play Canadian Cannabis Company\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, April 2, 2019\n\n\n\nTSX-Venture Exchange: SUGR, SUGR.WT\n CALGARY, April 2, 2019 /CNW/ - SugarBud Craft Growers Corp. (\"SugarBud\" or the \"Company\") is pleased to announce that it has closed the sale of the Company's oil and gas assets (the \"Dispositions\") with several arm's length purchasers (the \"Purchasers\") pursuant to which the Purchasers have acquired all of the Company's oil and gas assets for gross proceeds of approximately $1.75 million in cash. \n\n \n \n\n \nThe series of Dispositions eliminates approximately $4.1 million of asset retirement obligations associated with the assets and significantly strengthens the Company's balance sheet. SugarBud has no debt or abandonment liabilities and does not anticipate requiring any additional financing prior to receipt of its Cultivation License from Health Canada.\nAbout SugarBud \nSugarBud is an Alberta-based emerging cannabis company engaged in the development, acquisition, production and distribution of cannabis in Canada.\nForward Looking and Cautionary StatementsThis news release may include forward-looking statements including opinions, assumptions, estimates, the Company's assessment of future plans and operations, and, more particularly, statements concerning: the receipt of a Cultivation License from Health Canada and the timing thereof; the cultivation of cannabis at the facility in Stavely, Alberta; and the completion of the Disposition and its impact on the Company's balance sheet, including that additional financing will not be required in advance of receipt of a Cultivation License. When used in this document, the words \"will,\" \"anticipate,\" \"believe,\" \"estimate,\" \"expect,\" \"intent,\" \"may,\" \"project,\" \"should,\" and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of...