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States.
CALGARY, July 3, 2024
/CNW/ - Simply Solventless Concentrates Ltd. (TSXV:
HASH) ("SSC") is pleased to announce that due to
strong demand, it intends to over subscribe its previously
announced financing of units from 14,000,000 units ("Units")
for aggregate gross proceeds of up to $3,500,000 to up to 15,400,000 Units for
aggregate gross proceeds of up to $3,850,000 (the "Financing"). The
Financing was originally announced in SSC's press release dated
June 25, 2024, which is available on
SSC's SEDAR+ profile at www.sedarplus.ca.
Each Unit consists of one common share ("Common Share")
and one-half of one common share purchase warrant
("Warrant") of SSC, with each whole warrant being
exercisable for one Common Share of SSC at a price of $0.40 per share for a period of two years from
the date of issue. If, at any time prior to the expiry date of the
Warrants, the closing price of the Common Shares on the TSX Venture
Exchange ("TSXV") is greater than $0.40 for any 10 consecutive trading days, SSC
may, at SSC's discretion, and at any time going forward, deliver a
notice to the holders of Warrants accelerating the expiry date of
the Warrants to the date that is 30 days following the date of such
notice (the "Accelerated Exercise Period"). Any unexercised
Warrants shall automatically expire at the end of the Accelerated
Exercise Period.
All securities issued under the Financing will be subject to a
hold period expiring four months and one day from the date of
issue. The Financing is expected to close on or around July 9, 2024.
As previously announced on June 25,
2024 in its News Release which is available on SSC's
SEDAR+ profile at www.sedarplus.ca, SSC intends to use the net
proceeds of the Financing to facilitate its services agreement with
CannMart Inc. and Lifeist Wellness Inc., to fund the acquisition of
CannMart Inc., and to commission in-house hydrocarbon extraction
equipment.
The completion of the Financing is subject to the approval of
the TSXV.
On a proforma basis, assuming completion of the maximum
Financing, SSC is expected to have approximately 69.2 million
Common Shares outstanding (basic), of which approximately 22% will
be held by insiders (assuming 15,400,000 Units are issued). Of
SSC's outstanding Common Shares, approximately 17.0 million (22%
assuming 15,400,000 Units are issued) are escrowed pursuant to TSXV
policies. Further details with respect to SSC's escrowed securities
can be found in SSC's filing statement dated October 31, 2023 which is available on SSC's
SEDAR+ profile at www.sedarplus.ca.
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.
For SSC's current investor presentation, please see the
following link: Investor Presentation.
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 use of
proceeds of the Financing, the expected closing date of the
Financing and the securities of SSC outstanding on closing of the
Financing. 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 satisfy conditions precedent to the closing of the Financing, 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.