Business
USEI Declares Warrant Dividend on Its Common Stock as Part of Its Cannabis Operations and Future
USEI Declares Warrant Dividend on Its Common Stock as Part of Its Cannabis Operations and Future.
About this update from Us Energy Initiatives
[{"type":"text","content":"\n\n SANTA CLARITA, CA, Jan. 02, 2018 (GLOBE NEWSWIRE) -- USEI CANNABIS INITIATIVES CORP, a wholly owned subsidiary of U.S. ENERGY INITIATIVES CORPORATION, INC. (OTC PINK: USEI) a California based company, poised to capitalize on California’s legal cannabis industry focusing on the manufacturing and extraction of oil from cannabis is pleased to announce today that its Board of Directors has declared two (2) dividends in the form of warrants to purchase shares of the Company's common stock; a 1 for 10 or a 10% warrant to shareholders of record on the record date.\n The warrants will be issued on pay-date of February 26, 2018 to shareholders of record as of February 16, 2018. Each shareholder of the Company's common stock will receive one warrant for every ten shares owned (10% of their holdings) as of the record date (with the number of warrants rounded up to the nearest whole number). The first warrant will entitle the holder to purchase 10% of their holdings of the Company's common stock equal to the exercise price per share price on March 30, 2018. The second warrant will entitle the holder to purchase 10% of their holdings of the Company's common stock at an exercise price share price on March 30, 2018 plus a 50% premium to that same price (For example .010 +.005 =.015). Combined these warrants represent a 20% warrant to the shareholder. (For example, if a shareholder has 1 million shares these warrants allow the shareholder of record to acquire an additional 200,000 shares at these prices). These warrants will be for a 3-year term from the date of issue, non-transferable, with the restricted shares being issued upon exercise. Funds raised because of this warrant will fund the company's likelihood of becoming a reporting issuer with the Securities and Exchange Commission, or SEC and future growth of the company’s business model. Further details of this warrant will be disclosed in a future press release.   According to Anthony Miller, CEO, “This is the 3rd dividend that the company has issued to its shareholders in recent years… and this event has been planned for a few months. It is management’s opinion that the issuance in this case is a beneficial activity for this firm, as it is transitioning to a more profitable business model. This month we begin to a...