SIMPLY SOLVENTLESS ANNOUNCES EXERCISE OF 98% OF ALL AUGUST 2026 WARRANTS FOR PROCEEDS OF $2.95 MILLION AND 30 DAY EXTENTION OF EXPIRY FOR ADMINISTRATIVE PURPOSES
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CALGARY, AB, Oct. 28, 2024 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC") is pleased to announce that further to its press releases dated September 26, 2024 and October 18, 2024, it expects approximately 98% of the August 2026 $0.20 warrants to be exercised for proceeds of approximately $2,950,000. SSC also announces that for administrative purposes and varying financial institution purposes it has extended the expiry of the August 2026 warrants to November 29, 2024.
As of the date of this news release, a total of 10,087,034 of the 14,844,910 August 2026 warrants have been exercised for proceeds of $2,017,407 and a total of 3,986,077 warrants are in the process of being exercised for proceeds of $797,215, with completion of the remaining exercises expected in the very near future.
In total, 14,844,910 August 2026 warrants are expected to be exercised for proceeds of $2,968,982 (the "Total Warrant Exercises"). Of the Total Warrant Exercises, insiders account for approximately 4.0 million warrants and proceeds of approximately $800,000.
Jeff Hall, SSC's Chief Financial Officer, stated: "We have received a very positive response from warrant holders, and we expect 98% of the August 2026 warrants to ultimately be exercised. We want to ensure that warrant exercises in process do not expire due to administrative delays, and for that reason we have extended the expiry of the warrants to November 30, 2024. We are grateful for the support of our shareholders, and we aim to create value for them through continued profitable organic revenue growth and opportunistic acquisitions."
About Simply Solventless Concentrates Ltd.
SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers.
For more information regarding SSC, please see www.simplysolventless.ca.
Notice on Forward Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected", "approximately" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the number of 2026 Warrants exercised revenue growth, SSC completing opportunistic acquisitions, capitalizing on SSC's business plan and SSC's results of operations and performance. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material risks, factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the ability to maintain relationships with customers, employees and suppliers, the timing and market acceptance of products, competition in SSC's markets, SSC's reliance on customers, fluctuations in interest rates, SSC's ability to maintain good relations with its customers, employees and other stakeholders, changes in law or regulations, SSC's ability to protect its intellectual property as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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 Simply Solventless Concentrates Ltd.
Simply Solventless Concentrates Ltd., Jeff Hall, CFO, Phone: 403-850-0969, Email: [email protected]
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