TORONTO, June 1, 2020 /CNW/ - Meta Growth Corp. (TSXV: META) ("Meta Growth", "META" or the "Company"), a leading Canadian recreational cannabis retailer, today announced the closure of the previously announced sale of its common shares in Tetra Pty Ltd ("Tetra") to THC Global Group Limited (ASX: THC) ("THC").
As previously announced on May 12, 2020, upon closure of the divestiture, META received AU$75,000 in cash, 1,350,000 THC shares, and 1,500,000 stock options in THC exercisable at AU$0.40 expiring two years after issue. The above THC shares and stock options are subject to a 12 month hold from their date of issue. The closing price of THC's shares on May 29, 2020 was AU$0.39.
META will receive further proceeds in two additional tranches as outlined in the table below:
Tranche 2 Three months after Close
AU$37,500 in cash
AU$225,000 in THC shares, with the issue price calculated as the higher of 105% of the 10-trading day VWAP prior to issue date or AU$0.35
Tranche 3 Six months after Close
AU$37,500 in cash
AU$187,500 in THC shares, with the issue price calculated as the higher of 105% of the 10-trading day VWAP prior to issue date or AU$0.40
About Meta Growth Meta Growth is a leader in secure, safe and responsible access to legal recreational cannabis in Canada. Through its Canada-wide network of Meta Cannabis Co.™, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores, Meta Growth enables the public to gain knowledgeable access to Canada's network of authorized Licensed Producers of cannabis. Meta Growth is listed on the TSX Venture Exchange under the symbol (TSXV: META).
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 release.
Cautionary Statements This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward looking statements or information. Forward-looking statements and information in this news release includes, but is not limited to, the timing and receipt of the remaining proceeds from the sale of the Tetra common shares. Although the Company believes that the expectations and assumptions on which the forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results and developments may differ materially from those that are currently contemplated by these statements depending on, among other things, risks relating to the effects of the COVID-19 pandemic on the economy; the ability of THC to pay the consideration for the Tetra common shares as it comes due; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; general business, economic, competitive, political, regulatory and social uncertainties; the delay or failure to receive regulatory approvals and the recreational cannabis industry in Canada generally. The Company cautions that the foregoing list of risks and uncertainties is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Meta Growth Corp.
For further information: Visit: metagrowth.com; Meta Growth, Mark Goliger, Chief Executive Officer, Meta Growth, Tel: 647-689-6382, [email protected]; Media Inquiries, Matt Ryan, VP of Marketing, Meta Growth, Tel: 647-633-9330, [email protected]