Vancouver, British Columbia--(Newsfile Corp. - November 28, 2019) - AgriCann Solutions Corp. (the "Company") is pleased to announce the closing of its non-brokered private placement as announced October 6, 2019 (the "Offering"), raising $416,880 of seed capital through the issue of 1,488,857 shares at a price of $0.28 per share. Insiders subscribed for an aggregate 340,000 shares for $95,200 cash.
By strengthening the balance sheet and effecting wider distribution of its share capital, the Company seeks to accelerate the acquisition of a potentially accretive business opportunity currently under advanced discussion. The net proceeds from the Offering will be used by the Company for:
- settlement of existing payables and short-term liabilities;
- assessment and due diligence costs associated with the Company's pursuit of an acquisition;
- additional working capital.
Shares issued in connection with the closing will be subject to a hold period of 4 months commencing on the date of distribution of the securities, or as required by an Exchange as part of any listing application. Following the issue of Offering shares, the company will have 9,604,498 shares outstanding.
About AgriCaan Solutions Corp.
The Company is a "Reporting Issuer" that originated as one of three spinouts upon completion of a statutory plan of arrangement completed by Valens GroWorks Corp. (formerly Genovation Capital Corp.) on March 12, 2015. The Company seeks to acquire a suitable business opportunity with potential for scalable near-term cash flow and sustainable growth to create shareholder value.
ON BEHALF OF AgriCaan Solutions Corp.
(signed) "Rob van Santen"
CEO & Director
For further information, please contact:
Robert van Santen, CA, CPA, CMT
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. The Company will provide further updates respecting these initiatives as developments occur. There can be no assurance that interests in any or all of these or additional projects being pursued will be acquired, funded and/or commercialized.
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