CALGARY, Jan. 24, 2019 /CNW/ - Target Capital Inc. d.b.a. CBi2 Capital ("CBi2") (TSXV/CSE: TCI) announces that it has agreed with 51st Parallel Inc. ("51st Parallel") to terminate the previously announced arrangement agreement, which was to result in the creation of LivWell International Corp. through a business combination involving CBi2 and 51st Parallel.
CBi2 will continue to explore and evaluate strategic alternatives to enhance shareholder value. CBi2 currently has 106.7 million common shares outstanding and 59.2 million common share purchase warrants with an exercise price of $0.10. CBi2's current cash balance is approximately $2.9 million with an estimated non-cash working capital balance of approximately $190,000 and holds $275,000 in liquid cannabis investments. CBi2 also generated approximately $650,000 in revenue in the 2018 from advisory fees.
About CBi2 Capital
Target Capital Inc. d.b.a. CBi2 Capital, is a Calgary, Alberta based company executing on a cannabis-focused investment strategy, where it intends to develop and manage a diversified portfolio of predominantly early stage cannabis investment opportunities. CBi2's common shares are listed on the TSX Venture Exchange and the Canadian Securities Exchange under the trading symbol "TCI".
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including CBi2's objectives, opinions and assumptions. 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 CBi2. Forward-looking statements are subject to a wide range of risks and uncertainties, and although CBi2 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; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations, including future legislative and regulatory developments involving medical and recreational marijuana; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by CBi2 with securities regulatory authorities.
Except as required by applicable laws, CBi2 does not undertake any obligation to publicly update or revise any forward-looking statements.
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 CBi2 Capital
For further information: Bill Macdonald, Executive Vice President - Corporate Development, CBi2 Capital, T: 403.807.6694, E: [email protected]