STRATHROY, Ontario, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (“Eve & Co” or the “Company”) (TSX-V: EVE; OTCQX: EEVVD) announces a corporate update.
As a result of the Company’s consolidation of its common shares (“Common Shares”) on a 1:10 basis as announced on December 29, 2020 (the “Consolidation”), the 4,581,500 share purchase warrants (the “Warrants”) of the Company issued together with the December 11, 2020 Convertible Debentures (being 0.833 Warrants for each Cdn$1.00 principal amount of those Convertible Debentures) have been proportionately adjusted such that following the Consolidation, each Warrant now entitles the holder to acquire one-tenth of one Common Share for a period of two years from the date of issuance of the Warrant, at an adjusted post-Consolidation exercise price of Cdn$0.60 per one (1) whole Common Share for the first year of the term, and Cdn$1.00 per one (1) whole Common Share for the second year of the term.
In addition, the 20,900,000 share purchase warrants of the Company issued on May 10, 2019 (the “2019 Warrants”) have also been proportionately adjusted as a result of the Consolidation pursuant to which each 2019 Warrant now entitles the holder to acquire one-tenth of one Common Share until May 10, 2021, at an adjusted post-Consolidation exercise price of Cdn$6.00 per one (1) whole Common Share.
The Company also announces the grant of 100,000 options to purchase Common Shares (the “Options”) to a director. The Options are exercisable at a price of Cdn$0.42 per share, for a term of five years. The terms of the Options granted on January 5th, 2020 are in accordance with the Company's stock option plan.
ABOUT EVE & CO
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd (“NMC”), holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extraction of cannabis oil and has received its European Union certificate of Good Manufacturing Practice. NMC was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed 1,000,000 square foot greenhouse located in Strathroy, Ontario.
The Company’s website can be visited at www.evecannabis.ca.
The 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.
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur, and include, but are not limited to, the negative of these words or other variations on these words or comparable terminology. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Forward-looking statements contained in this release including statements with respect to the proposed use of proceeds of the financing and potential conversion/exercise of the Debentures and Warrants, amongst other matters. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements, including general business and economic conditions, changes in laws and regulations, product demand, changes in prices of required commodities, competition, the effects of and responses to the COVID-19 pandemic and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's management’s discussion and analysis dated November 26, 2020 (the "MD&A") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com. The Company cautions that the list of risks, uncertainties and other factors described in the MD&A is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.
For further information, please contact:
President and Chief Executive Officer Eve & Co Incorporated
Telephone: (855) 628-6337
Interim Chief Financial Officer Eve & Co Incorporated
Telephone: (855) 628-6337