VANCOUVER , Oct. 28, 2019 /CNW/ - Zenabis Global Inc. (ZENA.TO) ("Zenabis" or the "Company") announces that it will hold an investor conference call in listen-only mode on Tuesday October 29, 2019 at 1:30 p.m. (PDT) to discuss the recently announced offering of rights to holders of Zenabis common shares.
During the call, Zenabis' Chief Executive Officer ( Andrew Grieve ), Chief Financial Officer ( Mike Smyth ), Chief Growing Officer ( Leo Benne ) and Chief Revenue Officer ( David Lluncor ) will discuss the recently announced offering of rights to holders of Zenabis common shares. The conference call will include a presentation that will be posted to the Zenabis website in advance of the event.
To attend the call, please dial 888 475 4499 (meeting identification number: 663-689-738) approximately ten minutes prior to the start of the call. A webcast link will also be available on the Zenabis website.
For those unable to attend the live call, a replay will be made available approximately one hour after the event on the Zenabis website.
About the Rights Offering
Zenabis is further buttressing its cash position through a $20.8 million Rights Offering to existing shareholders. This is a prudent step in the current market, providing Zenabis with additional flexibility as it moves forward. The Rights Offering is non-dilutive for existing shareholders that participate.
Senior leaders and other company insiders (including management, founders and the board) have committed to participate in the Rights Offering and are investing a significant amount in the offering. These commitments represent an investment of more than $6 million by key individuals (~30% of the capital to be raised in the Rights Offering).
For more information on the Rights Offering, please see Zenabis' news release dated October 24, 2019 at this link: https://www.zenabis.com/zenabis-announces-rights-offering-to-raise-up-to-20-8-million/
Zenabis is a significant Canadian licensed cultivator of medical and recreational cannabis, and a propagator and cultivator of floral and vegetable products. Zenabis employs staff coast-to-coast, across facilities in Atholville, New Brunswick ; Delta , Aldergrove , Pitt Meadows and Langley, British Columbia ; and Stellarton, Nova Scotia . In addition to gaining technologically advanced knowledge of plant propagation, the recent addition of state-of-the-art greenhouses in Langley , Pitt Meadows and Aldergrove provides Zenabis with 3.5 million square feet of facility space that can, if fully converted, be dedicated to cannabis production.
If all facility space at Zenabis Atholville, Zenabis Stellarton and Zenabis Langley is fully converted and dedicated to production, Zenabis will own, and have access to 635,000 square feet of high-quality indoor cannabis production space, as well as 2.1 million square feet of greenhouse cannabis production space at its Langley facility, with this production strategically positioned on Canada's coasts. Zenabis expects these facilities to have an annual design capacity of 143,200 kg of dried cannabis by the second quarter of 2020. An additional 700,000 square feet of greenhouse space will be used to continue the existing propagation business and produce industrial hemp, and can be converted to cannabis production at such a time that is beneficial to the strategic position of the Company. The Zenabis brand name is used in the cannabis medical market, while the Namaste by Zenabis and Blazery brand names are used in the cannabis adult-use recreational market, and the True Büch brand name is used for Zenabis' kombucha products.
The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein.
Forward looking statements
This press release contains certain "forward-looking statements" and "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward- looking statements or forward-looking information can be identified by words such as "anticipate," "intend," "plan," "goal," "project," "estimate," "expect," "believe", "future," "likely," "may," "should," "could", "will" and similar references to future periods. All statements other than statements of historical fact included in this release are forward-looking statements, including, without limitation, statements regarding the timing of and other procedural matters associated with the Rights Offering; the funds to be raised under the Rights Offering; the expected participation of insiders in the Rights Offering, the proposed use by Zenabis of the proceeds of the Rights Offering, and Zenabis' proposed plans, timing and cost of conversion of Zenabis' facilities, expected cultivation output and expected demand, each contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements or information. Important risks and factors that could cause actual results to differ materially from Zenabis' plans and expectations include the actual results of business negotiations, marketing activities, adverse general economic, market or business conditions, regulatory changes, delays in licensing, ramp-up delays, weaker than expected demand for Zenabis' products and other risks and factors detailed herein and from time to time in the filings made by Zenabis with securities regulators and stock exchanges, including, but not limited to, those described in the shelf prospectus dated April 9, 2019 , a copy of which is available on SEDAR at www.sedar.com. Any forward-looking statement or information only speaks as of the date on which it was made and, except as may be required by applicable securities laws, Zenabis disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although Zenabis believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and accordingly, investors should not rely on such statements.
For more information, visit: https://www.zenabis.com
SOURCE Zenabis Global Inc.
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