TORONTO, Nov. 20, 2018 /CNW/ - Cannabis Growth Opportunity Corporation ("CGOC", or the "Company") (CSE: CGOC), a cannabis focused investment corporation with both public and private cannabis holdings, announces its intention to commence a normal course issuer bid ("NCIB"), to purchase up to an aggregate of 782,607 common shares (the "Common Shares"), representing 5% of the issued and outstanding common shares as of November 15, 2018.
Jamie Blundell, President and Chief Operating Officer of CGOC commented, "The Board of Directors and management team are committed to the continued success of the Company. Our Net Asset Value has illustrated the positive growth that the Company has experienced through its actively managed portfolio, which is not represented in the current share price and does not reflect future prospects. The NCIB will allow us to be opportunistic and repurchase the shares at what we believe is a significantly discounted price."
Pursuant to the NCIB, the Company may, if considered advisable, purchase the Common Shares through the facilities of the Canadian Securities Exchange ("CSE") and/or alternative trading systems, from time to time over the next 12 months.
Purchases may commence through the CSE and/or alternative trading systems on November 26, 2018 and will conclude on the earlier of the date on which purchases under the bid have been completed or November 26, 2019. All Common Shares purchased by the Company will be cancelled. The Company has appointed BMO Nesbitt Burns Inc., to coordinate and facilitate its NCIB purchases.
CGOC will host the November webinar today, Tuesday, November 20th at 4:30 pm EST during which company executives will provide a brief update on the business, review CGOC's performance, and provide an update on both the public and private holdings. Interested webinar attendees can Register Here or by visiting the website at www.cgoc.com.
CGOC is an investment corporation that offers unique global exposure to the emerging global cannabis sector. CGOC's main objective is to provide shareholders long-term total return through its actively managed portfolio of securities, both public and private, operating in, or that derive a portion of their revenue or earnings from products or services related to the cannabis industry.
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.
This news release contains statements and information, collectively referred to as "forward-looking statements" within the meaning of applicable securities laws, including statements regarding plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. The words "plans", "expects", "scheduled", "budgeted", "projected", "estimated", "timeline", "forecasts", "anticipates", "suggests", "indicative", "intend", "guidance", "outlook", "potential", "prospects", "seek", "strategy", "targets" or "believes", or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can", or negative versions thereof, "be taken", "occur", "continue" or "be achieved", and other similar expressions, identify forward-looking statements. Forward-Looking Statements within this press release includes statements and information pertaining to: future developments in connection with the NCIB, the receipt of required approvals for the NCIB, and the Company's intention to repurchase common shares from the Company's shareholders, and similar statements concerning anticipated future events, results, circumstances, performance or expectations, that reflect management's current expectations and are based on information currently available to management of CGOC.
Forward-Looking Statements are based on a number of expectations or assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although management believes the expectations and assumptions reflected in such Forward-Looking Statements are reasonable, undue reliance should not be placed on Forward-Looking Statements because management can give no assurance that such expectations and assumptions will prove to be correct. The Forward-Looking Statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors, which may cause actual results or events to differ materially from those anticipated in such Forward-Looking Statements, including, but not limited to, a failure to obtain necessary regulatory and other third party approvals. The foregoing factors are not exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the Forward-Looking Statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the Forward Looking Statements contained in this news release.
The Forward-Looking Statements contained in this news release speak only as of the date of this news release, and CGOC does not assume any obligation to publicly update or revise any of the included Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Cannabis Growth Opportunity Corporation
For further information: Cannabis Growth Investment Corporation, www.cgocorp.com; Investor Relations, Email: [email protected]