SLANG WORLDWIDE Closes Oversubscribed $16.7 Million Private Placement Offering
06 Mar, 2018, 08:05 ET
TORONTO, March 6, 2018 /CNW/ - Fire Cannabis Inc. (doing business as SLANG WORLDWIDE) (the "Company" or "SLANG") is pleased to announce that it has closed its private placement offering of special warrants (the "Special Warrants") led by Canaccord Genuity Corp. and Clarus Securities Inc. (the "Agents") with PowerOne Capital Markets Limited and XIB Asset Management Inc. acting as members of the Selling Group.
The Company issued an aggregate of 22,393,366 Special Warrants at $0.75 per Special Warrant for aggregate gross proceeds of $16.7 million (the "Offering").
"The close of this financing builds upon SLANG's momentum and supports our aggressive growth plan" says Peter Miller, SLANG's co-founder, Chairman and President. "We've laid the first planks of our international distribution platform for the industry's best brands, in collaboration with our industry-leading partners."
SLANG launched in 2017 with the mission of pairing world class consumer brands with top notch distribution networks.
"Partnering with the biggest cannabis companies in the world and closing this financing has given us a solid foundation to build upon" adds SLANG's co-founder and Director Billy Levy. "We've developed a robust pipeline of strategic opportunities that we are moving forward with to further accelerate the expansion of our global platform"
The Company intends to use the net proceeds from the Offering to fund its long-term strategy of making targeted brand acquisitions and further developing its brands, distribution, and supply chain opportunities.
SLANG is a Toronto-based company consolidating brands along the regulated supply chain in the global cannabis industry, building a world class portfolio of assets. The Company is focused on acquiring and developing market-proven regional brands, as well as creating new brands to meet the needs of cannabis consumers worldwide. For more information visit www.slangworldwide.co
This news release includes forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the use of proceeds of the Offering and the Company's future business opportunities and prospects. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made and involve significant known and unknown risks, uncertainties and assumptions. A number of factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward- looking. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this news release. Except as required by law, SLANG does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances.
SOURCE SLANG WORLDWIDE
For further information: Ramon Gamble, Director of Business Development, [email protected]
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