TORONTO, Nov. 11, 2019 /CNW/ - National Access Cannabis Corp (TSXV: META) d/b/a Meta Growth ("Meta Growth", "META" or "the Company"), Canada's largest publicly traded recreational cannabis retailer by revenue1, previously announced on January 7, 2019 that it had received approval from the TSX to distribute $21,150,000 aggregate principal amount of 8.0% convertible secured senior debentures (the "Debentures") as governed by a convertible debenture indenture made as of November 23, 2018, between the Company and TSX Trust Company (the "Debenture Indenture"). In accordance with the Debentures, interest in the amount of $846,000.00 is due and payable to Debentureholders on November 30, 2019 (the "Current Interest Obligation").
The Company has provided notice to the registered holders of the Debentures that, pursuant to the terms of the Debenture Indenture, the Company has elected to satisfy the entirety of the Current Interest Obligation by the delivery of common shares in the capital of the Company (the "Common Shares"). The Common Shares issued in satisfaction of the Current Interest Obligation shall be issued at a price per Common Share equal to the volume weighted average price for the ten (10) consecutive trading days ending on November 27, 2019.
In accordance with terms of the Debenture Indenture, the Common Shares shall be payable to the registered holders of Debentures appearing on the registers marked by the Trustee at the close of business on November 25, 2019, being the fifth Business Day prior to the applicable interest payment date. No fractional Common Shares will be issued in satisfaction of the Current Interest Obligation.
The Common Shares have not and will not be registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Act.
Additionally, the Company has engaged Native Ads Inc. ("Native Ads") to provide and manage a comprehensive digital media marketing campaign for the Company for a total cost of US$100,000 and an initial term of approximately 12 weeks. Native Ads will provide content development, web development, media distribution, and campaign reporting and optimization. Neither Native Ads, nor any of its directors or officers own any securities of the Company.
About Meta Growth
With a portfolio of 35 licensed retail locations nationwide, META is a leader in secure, safe and responsible access to legal recreational cannabis in Canada. Through its Canada-wide network of META Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores, META enables the public to gain knowledgeable access to Canada's network of authorized Licensed Producers of cannabis. META is listed on the TSX Venture Exchange under the symbol (TSXV: META).
For more information on Meta Growth, visit:
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.
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 anticipated payment of the Current Interest Obligation by Common Shares and the anticipated marketing campaign by Native Ads. 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 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.
1 New Cannabis Ventures, Public Cannabis Company Revenue & Income Tracker. Largest publicly traded cannabis retailer by revenue.
SOURCE National Access Cannabis Corp.
For further information: Meta Growth, Mark Goliger, Chief Executive Officer, Meta Growth, Tel: 647-689-6382, [email protected]; Investor Relations: Emily Gibbs, LodeRock Advisors Inc., Tel: 416-546-8775, [email protected]