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TORONTO, ON / ACCESSWIRE / February 5, 2021 / Plant Based Investment Corp. ("PBIC", or the "Company") (CSE:PBIC), announced today that the Company has acquired 2,000,000 units (the "Units") of Grown Rogue International Inc. ("Grown Rogue") (CSE: GRIN) through a non-brokered private placement offering (the "Offering").
The Company subscribed for a total of 2,000,000 Units, at a price of $0.16 per Unit, for a total subscription of $320,000. Each Unit is comprised of one common share of Grown Rogue (each a "Common Share") and one Common Share purchase warrant (each a "Warrant"), each Warrant entitling the Company to acquire one additional Common Share until February 4, 2023 at a price of $0.20 per Common Share. Furthermore, Grown Rogue has the right to accelerate the expiry date of the Warrants to thirty days following written notice to the Company if the closing market price of the Common Shares is at or above $0.32 per Common Share for a period of ten consecutive trading days.
Early Warning Disclosure Pursuant to National Instrument 62-103
Prior to the Offering, the Company held 30,000,000 Common Shares and 15,000,000 Warrants of Grown Rogue, representing approximately 27.31% of the issued and outstanding Common Shares of Grown Rogue on a non-diluted basis and approximately 36.04% of the issued and outstanding Common Shares of Grown Rogue on a partially diluted basis, assuming the exercise of the all of the Warrants held by the Company.
As of the date hereof, after giving effect to the Offering, the Company beneficially owns or controls 32,000,000 Common Shares and 17,000,000 Warrants of Grown Rogue, representing approximately 27.11% of the issued and outstanding Common Shares of Grown Rogue on a non-diluted basis and approximately 36.28% of the issued and outstanding Common Shares of Grown Rogue on a partially diluted basis, assuming the exercise of the all of the Warrants held by the Company.
The Common Shares and Warrants of Grown Rogue were acquired for investment purposes. While Company currently has no plans or intentions with respect to the Common Shares and the Warrants of Grown Rogue, the Company may from time to time acquire additional securities of Grown Rogue, may sell all or a portion of its securities of Grown Rogue or may continue to hold the Common Shares and Warrants of Grown Rogue, or other securities of Grown Rogue, depending on market conditions, the Company's view of Grown Rogue's prospects, other investment opportunities and other factors considered relevant to the Company.
About Plant-Based Investment Corp.
Plant-Based Investment Corp. (formerly, Cannabis Growth Opportunity Corporation) ("PBIC") is an investment corporation that offers unique exposure to the global cannabis sector. PBIC's main objective is to provide shareholders with long-term total returns through its portfolio of securities, both public and private, operating in, or that derive a portion of their revenue or earnings from products, services and technologies related to the cannabis plant family, its various compounds and other combinatory ingredients and products.
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the Company's business plan and matters relating thereto, and risks associated with the Company's investments and financial objectives, as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's public filings on SEDAR. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
For further information please contact Plant-Based Investment Corp.:
Paul Crath, CEO
Tel: (647) 660-5066
SOURCE: Plant-Based Investment Corp
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