TORONTO, June 19, 2019 /CNW/ - National Access Cannabis Corp. ("NAC" or "the Company") (TSXV: META), Canada's largest cannabis retailer according to provincial licensing statistics, today announced that it has filed and received a receipt for a preliminary base shelf prospectus (the "Base Shelf") with the securities commissions in each of the provinces of Canada, except Quebec.
"Growing our industry leading footprint from a portfolio of 28 stores to 110 stores by the end of calendar 2020 will require growth capital," said Mark Goliger, CEO of NAC. "The base shelf will provide our Company with maximum flexibility to access capital in the future in order to execute on our strategic growth initiatives."
The Base Shelf, when made final, will enable offerings of up to $200 million of common shares, preferred shares, subscription receipts, warrants, units, and debt securities, or any combination thereof (collectively, the "Securities") at any time during the 25-month period that the final base shelf prospectus is effective.
This press release does not constitute an offer to sell or the solicitation of an offer to buy Securities, nor will there be any sale of the Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any such jurisdiction.
If any Securities are offered in the future, the terms of any such Securities and the intended use of the net proceeds resulting from such offering would be established at the time of the offering and would be described in a prospectus supplement filed with the applicable Canadian securities regulatory authorities.
About National Access Cannabis Corp.
NAC is Canada's largest recreational cannabis retailer by provincial store count. With a portfolio of 28 retail locations nationwide, NAC is the 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 and NAC Medical's cannabis clinics and pharmacy partnerships, NAC enables the public and registered patients to gain knowledgeable access to Canada's network of authorized Licensed Producers of cannabis. NAC 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.
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 number of NAC cannabis retail stores expected to open and/or become licensed, the issuance of Securities, the terms thereof and the use of proceeds from the sale of such Securities. 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, including the number of NAC cannabis retail stores expected to open, may differ materially from those that are currently contemplated by these statements depending on, among other things, risks relating to the AGLC reinstating its moratorium, the ability to obtain or maintain licences to retail cannabis products; future legislative and regulatory developments involving cannabis including Ontario opening up licensing to more private retailers; 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 and social uncertainties; timing and completion of construction of the Company's retail locations; the delay or failure to receive regulatory approvals; the competitive conditions of the cannabis industry; the competitive and business strategies of the Company; the labour market generally and the ability to access, hire and retain employees; and the recreational and medical 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 National Access Cannabis Corp.
For further information: National Access Cannabis: Mark Goliger, Chief Executive Officer, National Access Cannabis, Tel: 647-689-6382, [email protected]; Investor Relations: Emily Gibbs, LodeRock Advisors Inc., Tel: 416-546-8775, [email protected]; Media Inquiries: Jessica Patriquin, Tel: 416-640-5525 x 230, Cell: 416-995-8496, [email protected]