VANCOUVER, April 3, 2020 /CNW/ - Harvest One Cannabis Inc.
("Harvest One" or the "Company") (TSX-V: HVT;
OTCQX: HRVOF) is pleased to announce that, further to its press
release dated March 11, 2020, the
Company has issued 17,083,333 common share purchase warrants (the
"Warrants") to MMJ Group Holdings Ltd. ("MMJ") as
consideration for agreeing to extend the maturity date of a secured
loan agreement with MMJ, an insider of the Company, for a loan in
the amount of $2,000,000, issued on
January 10, 2020 (the
"Loan").
Each Warrant will entitle the holder to purchase one common
share in the capital of the Company (each a "Common Share")
at a price of $0.06 at any time until
the earlier of: (i) the date of the further extension or renewal of
the Loan; and (ii) April 3, 2022.
The issuance of Warrants to insiders are considered related
party transactions within the meaning of Exchange Policy 5.9 and
Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The
Company is relying on exemptions from the formal valuation and
minority shareholder approval requirements in sections 5.5(g) and
5.7(1)(e) of MI 61-101 in respect of such insider participation on
the basis of financial hardship.
The Common Shares issuable upon the exercise of the Warrants
will be subject to a four month and a day hold period expiring on
August 4, 2020, in accordance with
applicable Canadian securities law.
About Harvest One
Harvest One is a global cannabis company that develops and
provides innovative lifestyle and wellness products to consumers
and patients in regulated markets around the world. The Company's
range of lifestyle solutions is designed
to enhance quality of life. Shareholders have significant
exposure to a broad cannabis value chain through its wholly-owned
subsidiaries: United Greeneries, a Licensed
Producer; Satipharm (medical and nutraceutical); and
Dream Water Global, and Delivra (consumer); as well as a
controlling interest in Greenbelt Greenhouse. For more
information, please visit www.harvestone.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. The forward-looking
information contained in this press release is made as of the date
hereof, and the Company is not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties,
and assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
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 Harvest One Cannabis Inc.