(TSX-V: MGW, OTCQB: MGWFF)
May 1, 2017 - $0.57
CALGARY , May 1, 2017 /CNW/ - Maple Leaf Green World Inc. (MGW.V) (the "Maple Leaf" or the "Company") is pleased to announce that, further to its press releases on March 17, 2017 , and March 21, 2017 , due to higher than anticipated demand and its increased capital requirements in connection with its engineering and construction plans for its proposed cannabis growing facility in Telkwa, British Columbia (the "Telkwa Facility"), the Company has increased its previously announced private placement to an offering of 13,216,070 units of the Company ("Units") a price of $0.55 per Unit, for aggregate gross proceeds of $7,268,838.50 (the "Offering"). Each Unit will consist of one common share of Maple Leaf ("Common Shares") and one Common Share purchase warrant ("Warrants"). Each whole Warrant will be exercisable into one Common Share at a price of $0.85 per Common Share for a period of two years from the date of issuance. The Corporation intends to use the net proceeds from the Offering to advance the Telkwa Facility. Remaining proceeds, if any, will be used for general corporate purposes.
The Corporation is also pleased to announce that it has received conditional approval of the Offering from the TSX Venture Exchange (the "TSXV"), subject to meeting the conditions of the TSXV. The Offering is scheduled to close on or about May 4, 2017 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the final approval of the TSXV. The securities to be issued under the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
For further information regarding Maple Leaf Green World Inc., please visit www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf is a public Canadian company that focuses on the cannabis industry in North America . With over 10 years of extensive greenhouse management experience, it applies its eco- agriculture knowledge and cultivation technology to produce contaminant-free organic cannabis products. Maple Leaf's long-term objective is to produce cannabis oil and export its products to approved countries.
This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities legislation. Specifically, this news release includes, but is not limited to, forward-looking statements with respect to the net proceeds from the Offering and the use thereof, the completion of the Offering, the receipt of regulatory approvals and the timing thereof and the anticipated closing date of the Offering. Generally, forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or "variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the development and operation of the Company's projects, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments involving medical cannabis, inability to access sufficient capital from internal and external sources and/or inability to access sufficient capital on favourable terms, the medical cannabis industry in Canada and the jurisdictions where the Company operates generally, income tax and regulatory matters, competition, crop failure, currency and interest rate fluctuations, regulatory approvals including approvals from the TSXV for the Offering, and those factors discussed in the sections relating to risk factors of our business filed in the Company's required securities filings on SEDAR. Although the Company has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.
SOURCE Maple Leaf Green World Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2017/01/c7869.html