/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
WEST PALM BEACH, FL, Nov. 22, 2018 /CNW/ - Sea Hunter Holdings, LLC ("Sea Hunter") announced today that it holds 1,235,658 compressed shares in the capital ("Compressed Shares") of TILT Holdings Inc. ("Resulting Issuer"). The Compressed Shares were issued in connection with the successful business combination ("Business Combination") of Baker Technologies, Inc., Briteside Holdings, LLC, Sea Hunter Therapeutics, LLC and Santé Veritas Holdings Inc. that closed November 21, 2018 (the "Closing Date").
Of the 1,235,658 Compressed Shares issued to Sea Hunter (the "Issuance"): (a) 1,166,041 Compressed Shares were issued in exchange for 116,604,100 class A common shares in the capital of TILT Holdings Inc.; and (b) 69,617 Compressed Shares were issued in exchange for 6,961,659 special shares in the capital of 1167411 B.C. Ltd., a special purpose financing entity formed in connection with an equity capital raise announced by the Resulting Issuer on November 21, 2018.
After giving effect to the Issuance, Sea Hunter exercises control or direction over 57.46% of the issued and outstanding Compressed Shares of the Resulting Issuer as of the Closing Date.
Each Compressed Share is convertible, at the option of the holder, into 100 common shares in the capital of Resulting Issuer ("Common Shares"). If Sea Hunter was to convert all of its issued and outstanding Compressed Shares into Common Shares as of the Closing Date, it would exercise control or direction over 123,565,800 Common Shares, representing approximately 45.16% of issued and outstanding Common Shares (assuming conversion of all of the issued and outstanding Compressed Shares as of the Closing Date).
Sea Hunter intends to distribute the Compressed Shares to its members in mid-December.
This press release is being issued pursuant to the requirements of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report to be filed by Sea Hunter in connection with the transactions described herein will be available on the Resulting Issuer's SEDAR profile at www.sedar.com, and can be obtained by contacting Robert Leidy at the telephone number listed below.
ABOUT SEA HUNTER HOLDINGS, LLC
Sea Hunter Holdings, LLC provides support to cultivation, processing and retailing of cannabis. Sea Hunter was formed under the laws of Delaware in 2017 and, prior to the consummation of the Business Combination, served as the holding company of Sea Hunter Therapeutics, LLC, one of the parties to the Business Combination.
SOURCE Sea Hunter Holdings, LLC
For further information: Robert Leidy, Sea Hunter Holdings, LLC, 1300 Elizabeth Avenue, West Palm Beach, FL 22401, Tel.: +1 (561) 282-6377