TORONTO, June 13, 2018 /CNW/ - Canopy Rivers Corporation ("Canopy Rivers" or the "Company") today announced that it has filed an early warning report under National Instrument 62-103 in connection with the closing of the previously announced qualifying transaction (the "Transaction") of James E. Wagner Cultivation Corporation (formerly AIM1 Ventures Inc.) ("JWC").
Pursuant to the Transaction, in exchange for its common shares and warrants of James E. Wagner Cultivation Ltd., Canopy Rivers received 12,513,041 common shares of JWC ("Common Shares") and 2,347,826 common share purchase warrants of JWC ("Warrants"), representing approximately 14.2% of the issued and outstanding Common Shares on a non-diluted basis and approximately 17% of the issued outstanding Common Shares on a partially diluted basis, assuming the exercise of the Warrants held by Canopy Rivers. Prior to the Transaction, the Company did not hold any Common Shares or convertible securities of JWC.
Certain of the Common Shares held by the Company are subject to regulatory escrow provisions. While Canopy Rivers currently has no plans or intentions with respect to the JWC securities, subject to the escrow provisions noted above, depending on market conditions, general economic and industry conditions, trading prices of JWC's securities, JWC's business, financial condition and prospects and/or other relevant factors, the Company may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the Common Shares, Warrants or other securities of JWC.
A copy of the early warning report filed by the Company will be available under JWC's profile on SEDAR at www.sedar.com or by contacting Matthew Mundy, General Counsel and Corporate Secretary at 647-475-0437. Canopy Rivers' head office is located at 1 Hershey Drive, Smith Falls, Ontario, K7A 0A8 and JWC's head office is located at 8 Trillium Drive, Suite B, Kitchener, Ontario, N2R 1J9.
About Canopy Rivers:
Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers works collaboratively with Canopy Growth (TSX:WEED, NYSE:CGC) to identify strategic counterparties seeking financial and/or operating support and affiliation with the Canopy Growth group of companies. The result is an ecosystem of complementary and best-in-class cannabis operating companies that is representative of all the various niches in this newly developing cannabis economy. As the portfolio continues to develop, constituents benefit from opportunities to join forces with Canopy Growth and collaborate among themselves, resulting in an ideal environment for innovation, synergy and value creation for Canopy Rivers, Canopy Growth and the entire ecosystem of portfolio companies.
Notice Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget" "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Forward-looking information includes, but is not limited to information with respect to Canopy Rivers' expectations in connection with the sale or purchase of additional common shares of JWC in the future, on the open market or in private transactions, and the Company's strategy, plans and objectives, including the Company's plans to continue to develop its portfolio of investments. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company or its investee entities to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that may cause results not to be as anticipated, estimated or intended, and believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release is made as of the date of this new release and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.
SOURCE Canopy Rivers Corporation
For further information: Daniel Pearlstein, Executive Vice President, Head of Business Development, Canopy Rivers Corporation, [email protected], 647-475-1115