CALGARY, Alberta, May 21, 2019 /CNW/ -- Blackhawk Resource Corp. (the "Corporation" or "Blackhawk") (CSE: BLR), is pleased announce it has closed the acquisition of 1202465 B.C. Ltd. (the "Green Room").
Blackhawk has issued 20,000,000 common shares of Blackhawk to the shareholders of the Green Room. The Green Room holds the rights to a lease for a retail cannabis location in Nelson, British Columbia, as well as a database of potential retail cannabis customers.
The Green Room acquisition is arm's length. Following closing of the acquisition there are 61,196,374 common shares of Blackhawk outstanding.
In connection with the completion of the acquisition, Transcend Capital Inc. ("Transcend") has acquired ownership and control of 10,000,000 common shares of Blackhawk, representing approximately 16.3% of the outstanding common shares. The shares were issued to Transcend in consideration for shares it held in the Green Room. Following acquisition of the shares, and when combined with its existing holdings in Blackhawk, Transcend now holds 11,261,000 common shares of Blackhawk, representing approximately 18.4% of the outstanding common shares.
Transcend has acquired the shares of Blackhawk for investment purposes, and although it has no present intention to acquire additional shares of Blackhawk, it may do so as market conditions warrant. A copy of the early warning report filed by Transcend in accordance with applicable securities laws is available under the profile for Blackhawk on SEDAR.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Neither the Canadian Securities Exchange nor its Regulatory Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Blackhawk - Chief Executive Officer
+1 (403) 531-1710
The Green Room
+1 (780) 901-3733
SOURCE Blackhawk Resource Corp.