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VANCOUVER, Sept. 10, 2018 /CNW/ - SpeakEasy Cannabis Club Ltd. (CSE: EASY) (Frankfurt: 39H) (the "Company" or "SpeakEasy") a late stage applicant under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"), is pleased to announce the appointment of Brian Peery to the Company's board of directors (the "Board"). Mr. Peery, who also currently serves as the SpeakEasy's President, stated: "I am excited to join the Geen family and the other board members in furthering SpeakEasy's quest in this ever changing and exciting industry". Mr. Peery has been a member of SpeakEasy's Advisory Board since May 2018 and was appointed President of SpeakEasy in July 2018. Prior to that, Mr. Peery was a portfolio manager with Hennessy Funds of San Francisco, where he oversaw in excess of $3 billion in assets. Previously, Mr. Peery held positions as senior equities analyst and managed the research and trading divisions of both full-service and boutique investment firms.
The Company also announces that Anthony Jackson has resigned from the Board and as Chief Financial Officer of the Company. The Company thanks Mr. Jackson for his service the Company and wishes him all the best in his future endeavors.
SpeakEasy has commenced the search for Mr. Jackson's replacement and the Company will take the time necessary to find a suitable candidate. In the interim, Mervyn Geen, a director of the Company, will assume the role of Acting Chief Financial Officer.
In addition, the Company also announces that its private placement (the "Offering"), previously announced on September 4, 2018, has been oversubscribed. The Company now proposes to issue up to 4,428,571 units ("Units") at a price of $0.70 per Unit to raise gross proceeds of up to $3,100,000. Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of a Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire an additional Common Share at a price of $1.00 for a period of 24 months from the closing of the Offering.
Closing of the Offering is expected to occur on or about September 21, 2018 and is subject to all requisite approvals, including that of the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
About SpeakEasy Cannabis Club Ltd.:
SpeakEasy Cannabis Club is a late stage ACMPR applicant that is seeking to leverage three generations of farming experience in B.C. to produce high quality, small batch cannabis products once it obtains a license to do so. The Company currently owns 290 acres of land in Rock Creek, British Columbia. The Company's 10,000 square foot indoor facility will allow for the growth, production, and cultivation of small batch cannabis if and when the Company obtains a license from Health Canada. Construction has also commenced on an 80,000 square foot expansion facility. Completion for the expansion is projected for fall/winter 2018.
For more information visit: https://speakeasygrowers.com/
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause SpeakEasy's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include statements concerning SpeakEasy's intent to complete a non-brokered private placement, its intent to obtain a license under the ACMPR and its intention to complete construction of its expansion facility and the expected completion date of such facility. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
SOURCE SpeakEasy Cannabis Club Ltd.
For further information: Media Contact: Jen Hazell, Talk Shop Media on behalf of SpeakEasy, [email protected], (604) 738-2220