OTTAWA, Jan. 31, 2018 /CNW/ - National Access Cannabis
Corp. ("NAC" or the "Company") (TSX VENTURE: NAC),
Canada's best practices leader in
delivering secure, safe, and responsible access to legal medical
cannabis announces that it has completed its previously announced
non-brokered private placement offering (the "Offering"),
pursuant to which the Company issued 10,909,091 units of the
Company ("Units") at a price of $0.55 per Unit for gross proceeds to NAC of
$6,000,000. The lead orders in the
Offering were from Brett Wilson, the
founder of FirstEnergy Capital Corp. and Chuck Rifici, the Chairman of the board of
directors of NAC.
Each of the Units issued under the Offering is comprised of one
common share in the capital of the Company ("Common Share")
and one-half of one Common Share purchase warrant (each whole
Common Share purchase warrant, a "Warrant"). Each whole
Warrant entitles the holder thereof to purchase one Common Share (a
"Warrant Share") at a price of $0.90 (the "Exercise Price") per Warrant
Share, subject to adjustment in certain events, for a period of 24
months following the closing of the Offering. Commencing on the
date which is four months following the closing of the Offering,
and subject to certain conditions, the Company shall have the right
to accelerate expiry of the Warrants at any time where the volume
weighted average trading price of the Common Shares for any 10
consecutive trading day period is greater than $1.10. The securities issued pursuant to the
Offering are subject to a statutory hold period under applicable
securities legislation until May 31,
2018.
The net proceeds from the Offering will be used for general
corporate purposes and future working capital. Although the
Company intends to use the proceeds of the Offering as described
above, the actual allocation of proceeds may vary from the uses set
forth above, depending on future operations or unforeseen events or
opportunities.
In connection with the closing of the Offering, the Company paid
a finder's fee to Intrynsyc Capital Corporation, an arm's length
eligible person, consisting of a cash payment in the aggregate
amount of $194,345.71 and an
aggregate of 353,356 finder's warrants ("Finder's
Warrants"). Each Finder's Warrant entitles the holder to
acquire one Common Share at a price equal to the Exercise Price for
a period of 24 months from the closing of the Offering.
This news release does not constitute an offer to sell or
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
About National Access Cannabis
NAC is Canada's best practices
leader in delivering secure, safe, and responsible access to legal
medical cannabis. NAC enables patients to gain knowledge and the
legal medical documentation required to navigate Canada's disparate network of authorized
Licensed Producers of Cannabis. Through its Canada-wide network of care centres, NAC has
partnered with health professionals to improve the quality of life
of its local members and provide services designed to inform,
educate and supply expert advice. For more information, visit
www.nationalaccesscannabis.com or refer to the Company's profile on
the SEDAR website at www.sedar.com
National Access Cannabis Corp. is listed on the TSX Venture
Exchange under the symbol (TSXV: NAC).
Cautionary Statements
This news release contains forward looking statements and
forward looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward looking
statements or information. Forward-looking statements and
information in this news release includes, but is not limited to,
statements concerning the use of proceeds from the Offering.
Although the Company believes that the expectations and assumptions
on which the forward looking statements and information are based
are reasonable, undue reliance should not be placed on the forward
looking statements and information because the Company cannot give
any assurance that they will prove to be correct. Since forward
looking statements and information address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, risks associated with
general economic conditions; adverse industry events; marketing
costs; loss of markets; future legislative and regulatory
developments involving cannabis; inability to access sufficient
capital from internal and external sources, and/or inability to
access sufficient capital on favourable terms; the medical and
potential cannabis industry in Canada generally; income tax and
regulatory matters; the ability of the Company to implement its
business strategies; competition; crop failure; currency and
interest rate fluctuations; and other risks. The Company
cautions that the foregoing list of risks and uncertainties is not
exhaustive.
In addition, the reader is cautioned that historical results
are not necessarily indicative of future performance. The
forward-looking statements and information contained in this news
release are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward looking
statement or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
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 National Access Cannabis Corp.