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CALGARY, June 12, 2018 /CNW/ - Aldershot Resources Ltd. ("Aldershot" or the "Company") (TSXV: ALZ) is pleased to announce that, as a result of excess institutional demand, the Company has increased the size of its previously announced private placement of common shares and units of the Company from $20.0 million to $25.0 million (the "Private Placement"). In all other respects, the terms of the Private Placement will remain as previously disclosed.
The net proceeds from the Private Placement will be used by the Company to establish and launch a retail cannabis business in Western Canada. The new management team expects to execute its strategy by capitalizing on its collective experience in the following areas: (i) controlled substance retail market; (ii) an understanding of consumer purchasing habits and provincial demographics from historical data; (iii) leveraging existing relationships with landlords, municipalities and regulators; (iv) expertise tailoring product brands and retail experience; and (v) operational know-how including store sizing, site development, inventory management, staffing, training and cost structure.
About Aldershot Resources Ltd.
Upon completion of the Private Placement, the Company will execute a new retail-focused cannabis business strategy.
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the new management team's assessment of future plans and operations, and, more particularly, statements concerning the completion of the Private Placement, the business plan of the new management team, including future retail cannabis locations and use of proceeds following completion of the Private Placement. 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 expectations and assumptions made by Aldershot which include, but are not limited to, the timing of the receipt of the required regulatory and third party approvals, the future operations of, and transactions completed by Aldershot as well as the satisfaction of other conditions pertaining to the completion of the Private Placement. Forward-looking statements are subject to a wide range of risks and uncertainties, and although Aldershot believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, regulatory and third party approvals not being obtained in the manner or timing anticipated by Aldershot, changes to cannabis laws, the timing of the legalization of recreational cannabis, the availability of cannabis-retail products from licensed producers, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by Aldershot with securities regulatory authorities. Except as required by applicable laws, Aldershot does not undertake any obligation to publicly update or revise any forward-looking statements.
Completion of the Private Placement is subject to a number of conditions, including but not limited to, TSXV acceptance. There can be no assurance that the Private Placement will be completed as proposed or at all. Trading in the securities of Aldershot should be considered highly speculative.
Neither the 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 news release.
SOURCE Aldershot Resources Ltd.
For further information: For further information regarding this news release, please contact: Jeremy Caddy, President, Chief Executive Officer and Director, Aldershot Resources Ltd., 303 - 1006 Beach Avenue, Vancouver, BC V6E 1T7, Phone: (604) 727-7148; Pali Bedi, c/o Aldershot Resources Ltd., Suite 1100, 634 - 6th Avenue, S.W., Calgary, AB T2P 0S4, Phone: (403) 888-5388, Pali.Bedi@avisonyoung.com