SpeakEasy Closes First Tranche of Private Placement
August 27th, 2020
SpeakEasy Cannabis Club Ltd. (CSE: EASY) (Frankfurt: 39H) (the “Company” or “SpeakEasy“) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the “Private Placement“) for deemed aggregate gross proceeds of $1,306,100. The first tranche closing consisted of the issuance of 3,530,000 units of the Company (the “Units“) at a price of $0.37 per Unit.
Each Unit consists of one common share in the capital of the Company (a “Common Share“) and one 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 $0.60 for a period of 24 months from closing.
In connection with the completion of the first tranche of the Private Placement, the Company paid cash finders fees of $78,366 and issued 211,800 non-transferable broker warrants (the “Broker Warrants“). Each Broker Warrant entitles the holder to acquire one Common Share at an exercise price of $0.60 per share for a period of 24 months following closing.
The securities issued by the Company under the first tranche of the Private Placement are subject to restrictions on resale in accordance with applicable securities laws. These restrictions will expire on December 27, 2020. The Private Placement is subject to final acceptance by the Canadian Securities Exchange (the “CSE“).
About SpeakEasy Cannabis Club Ltd.:
SpeakEasy Cannabis Club Ltd. holds a cultivation, processing and sales licence issued by Health Canada under the Cannabis Act. SpeakEasy owns 290 acres of land in Rock Creek, British Columbia, and leverages five generations of farming experience in B.C. as well as its favourable location to grow and process high-quality cannabis products at low cost. SpeakEasy cultivates small batch, high quality craft cannabis at scale currently in its 10,000 square foot indoor facility and is approaching harvest of its 60-acre outdoor field. The Company’s intention, upon receipt of an amendment to its current licence, is to include 53,000 square feet of additional indoor cultivation and process area. Total yearly production of cannabis flower and biomass is projected to be in excess of 80,000 kilograms per year.
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 expected harvest, its anticipated facility expansion and annual production output upon receipt of an amendment to its current license, and all other statements that are not statements of historical fact.
Although SpeakEasy believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, 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. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; COVID-19, adverse industry events; future legislative and regulatory developments involving cannabis; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the cannabis industry in Canada and generally; the ability of SpeakEasy to implement its business strategies; competition; the ability of SpeakEasy to obtain all applicable licenses under the ACMPR and other assumptions, risks and uncertainties.
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.
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