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The Company remains well positioned for the opening of up to 200 cannabis retail stores over the next 18 months
OTTAWA, Nov. 27, 2018 /CNW/ - National Access Cannabis Corp. ("NAC" or the "Company") (TSXV: META) today announced that following the successful closing of its brokered private placement offering of special warrants of NAC for gross proceeds of $21,150,000, announced November 23, 2018 (the "Private Placement"), the Company has repaid the Opaskwayak Cree Nation's secured loan (the "Opaskwayak Loan") in the amount of $26,716,197, representing $25,000,000 drawn on the loan plus accrued interest and fees.
The balance between the net proceeds of the Private Placement and the amount owing under the Opaskwayak Loan was funded with the proceeds from the Company's $20,000,000 common share financing with four of Canada's leading Licensed Producers of cannabis, which closed October 29, 2018. The Opaskwayak Loan was entered into on July 19, 2018 with a term of six months and a total commitment amount of up to $35,000,000.
"We are very pleased to announce the repayment of this loan prior to maturity and we thank the Opaskwayak Cree Nation for its support in funding our growth," said Mark Goliger, CEO of National Access Cannabis. "We remain well capitalized to become Canada's largest national cannabis retailer and look forward to sharing developments in our plan to open up to 200 retail cannabis stores in the next 18 months."
About National Access Cannabis Corp.
NAC is a best practices leader in delivering secure, safe, and responsible access to legal cannabis in Canada. Through its Canada-wide network of medical cannabis clinics, partner pharmacies, NAC Bio's clinical research division, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores, NAC enables patients and the public to gain knowledge and access to Canada's network of authorized Licensed Producers of cannabis. NAC is listed on the TSX Venture Exchange under the symbol (TSXV: META).
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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 include, but are not limited to, the use of proceeds of the Offering, filing of the Final Prospectus, obtaining the Final Receipt, and the listing of the Convertible Debentures on the TSXV. 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 ability to obtain or maintain licenses to retail cannabis products; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the labour market generally and the ability to access, hire and retain employees; and the medical and potential 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.
NEITHER 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.
SOURCE National Access Cannabis Corp.
For further information: National Access Cannabis Corp.: Mark Goliger, Chief Executive Officer, 1-800-411-1126, [email protected]; Investor Relations: Emily Gibbs, LodeRock Advisors Inc., 416-546-8775, [email protected]; Media Inquiries: Jessica Patriquin, 416.640.5525 x 230, M 416.995.8496, E [email protected]