Tweed Marijuana Inc. announces closing of qualifying transaction
OTTAWA, April 3, 2014 /CNW/ - Tweed Marijuana Inc. (TSXV: LWI.H) ("Tweed Marijuana"), formerly LW Capital Pool Inc., today announced that it has closed its qualifying transaction with Tweed Inc. ("Tweed") pursuant to which Tweed completed a reverse takeover transaction with Tweed Marijuana (the "Transaction") and has delivered all materials to the TSX Venture Exchange (the "Exchange") required to satisfy the listing conditions. Trading in the common shares of Tweed Marijuana is expected to resume on the Exchange at open of markets on Friday April 4, 2014 under the symbol "TWD".
Prior to the Transaction, Tweed Marijuana was a capital pool company as defined in the policies of the Exchange and had not commenced commercial operations and had no assets other than cash. The Transaction constituted Tweed Marijuana's "Qualifying Transaction", as defined in Exchange policies.
Tweed is a licensed producer of medical marijuana in Canada. The principal activities of Tweed are the production and sale of marijuana out of its facility in Smiths Falls, Ontario as regulated by the Marihuana for Medical Purposes Regulations.
As part of the Transaction LW Capital Pool Inc. changed its name to Tweed Marijuana Inc. and consolidated its shares on a 5 to 1 basis. Following this change, Tweed amalgamated with 2405882 Ontario Inc., a wholly owned subsidiary of Tweed Marijuana formed solely for the purpose of facilitating the Transaction. In connection with that amalgamation, Tweed Marijuana Inc. issued a total of 33,618,108 post-consolidation common shares to the holders of shares of Tweed. In addition, 2,980,054 common shares of Tweed Marijuana have been reserved for options and warrants issued to the holders of Tweed options and warrants. Following closing, Tweed Marijuana Inc. has a total of 35,070,108 common shares outstanding.
A filing statement describing Tweed Marijuana Inc., Tweed and the terms of the Transaction, prepared in accordance with the polices of the Exchange, is available to view at www.sedar.com. The summary of the Transaction included above is qualified in its entirety by reference to the description of the Transaction in the filing statement.
Following closing of the Transaction, the following individuals comprise the Board of Directors of Tweed Marijuana: Bruce Linton, Charles Rifici, Chris Schnarr, Larry Poirier and Andrew Moffat. Mr. Rifici will assume the position of Chief Executive Officer and Mr. Linton will be Chair of Tweed Marijuana Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Tweed Marijuana Inc.For further information: Bruce Linton, Chair, Tweed Marijuana Inc., 1 Hershey Drive, Smiths Falls, ON, K7A 0A8, 855-558-9333