VANCOUVER, May 8, 2017 /CNW/ - PUF Ventures Inc. (the "Company") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF) announces that it has issued 500,003 common shares at a deemed price of $0.40 per share to the shareholders of AAA Heidelberg Inc. ("AAA") pursuant to the Share Exchange Agreement among the Company, AAA and the shareholders of AAA dated for reference January 26, 2015 (the "Agreement"). These shares are subject to a four month hold period. As result of this share issuance the number of issued and outstanding shares of the Company increased from 41,908,455 to 42,408,458.
Pursuant to the Agreement, upon the issuance of these shares by the Company, the shareholders of AAA will be transferring an additional 9.1% interest in AAA to the Company. This transfer will result in the Company owning a total of approximately 54.49% of AAA.
About PUF Ventures Inc.
PUF Ventures is moving into the biomedical cannabis sector by purchasing a 100-per-cent interest in AAA Heidelberg, a private Ontario company that is currently in Stage 5 of 7 in its application for an ACMPR (access to cannabis for medical purposes regulations) license. Although the Company cannot guarantee nor estimate the timing for the issuance of a license to AAA Heidelberg, it is PUF's goal to become the next publicly traded Canadian company to be granted a new medical marijuana production license.
VapeTronix, a wholly owned subsidiary of the company, is in the process of expanding its 1313 brand of electronic cigarettes, marijuana vaporizer delivery devices, and associated technologies.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
SOURCE PUF Ventures
For further information: Suite 804 - 750 West Pender Street, Vancouver, BC, V6C 2T7, T: (800) 783-6056, F: (604) 685-6905, W: www.pufventures.com