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VANCOUVER, March 13, 2019 /CNW/ - 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE: TGIF) (OTCQX: TGIFF), a licensed cultivator and producer of cannabis flower and concentrates and manufacturer of hemp-derived CBD wellness products, is pleased to announce that it is conducting a non-brokered private placement of 10,000,000 units (each a "Unit") at $0.45 per Unit for total proceeds of $4.5 million.
Each Unit consists of one common share (the "Share") and one common share purchase warrant (the "Warrant") of the Company (the "Offering"). Each Warrant shall entitle the holder to purchase one Share at a price of CDN$0.50 per Share for a period of 24 months following the closing date (the "Closing Date") of the Offering, subject to the Company's right to accelerate expiry in certain circumstances described below.
The Units shall be subject to a four month and one day hold period (the "Hold Period") commencing on the Closing Date. The Units will be sold pursuant to private placement exemptions available in Canada.
If at any time following the Hold Period and prior to the expiry date of the Warrants, the Company may force the acceleration of the Warrants on less than 30 days' notice should the trading price of the Shares on the Canadian Securities Exchange be greater than $0.75 for any 10 consecutive trading days.
The net proceeds of the Offering will be used for general working capital. The Offering is fully subscribed and the Closing Date of the Offering is expected to occur on or about March 15, 2019.
About 1933 Industries Inc.
1933 Industries Inc. is a vertically integrated cannabis company with operations in the United States and Canada. Operating through three subsidiary companies, 1933 Industries owns licensed medical and adult-use cannabis cultivation and production assets, proprietary hemp-based, CBD infused products, CBD extraction services and a specialized cannabis advisory firm supporting clients in security, intelligence and due diligence. The Company owns 91% of both Alternative Medicine Association and Infused MFG. and 100% of Spire Global Strategy.
Please visit our website at http://www.1933industries.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE 1933 Industries Inc.
For further information: Alexia Helgason, Corporate Communications Director, 604-674-4756 (ext. 1), [email protected]; Brayden Sutton, Director/President & CEO, 604-674-4756 (ext. 1)