WINNIPEG, Manitoba, Sept. 09, 2022 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: DLTNF) ("Delta 9" or the "Company"), announces that it has completed a private placement of 1,650,000 common shares of the Company (“Common Shares”), for a deemed price of $0.1250 per Common Share, to various subscribers (the “Offering”).
A number of directors and officers of the Company, including John William Arbuthnot IV, Chief Executive Officer, James Lawson, Chief Financial Officer, John William Arbuthnot III, Director and Nitin Kaushal, Director, participated for a total $105,000.00 (840,000 Common Shares) in the Offering (the “Insider Subscriptions”). The Insider Subscriptions are deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(a) and Subsection 5.7(a) of MI 61-101, respectively.
The securities issued in the Offering will be subject to a hold period of four months plus a day expiring January 10, 2023.
The final closing of the Offering remains subject to the approval of the TSX.
For more information contact:
Investor & Media Contact:
Ian Chadsey, VP Corporate Affairs
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol "DLTNF". For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to the approval of the TSX of the Offering. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s distribution services not being as anticipated, as well as all risk factors set forth in the annual information form of Delta 9 dated March 31, 2022 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.