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CALGARY,
AB, April 17, 2024 /CNW/ - Simply Solventless
Concentrates Ltd. (TSXV: HASH) ("SSC") is pleased to
announce that it has closed its previously announced oversubscribed
non-brokered private placement of units ("Units") for net
proceeds of $800,000 (the
"Financing"), including approximately $100,000 of proceeds from insiders. SSC is also
pleased to announce the launch of products into the Saskatchewan recreational market.
Jeff Swainson, President &
CEO of SSC, stated: "We would like to thank the Financing
participants for their belief in SSC, resulting in an
oversubscribed Financing. We expect this capital will fuel
profitable revenue growth in both existing and new markets, and we
are excited about our prospects built on the foundation of
compelling brands, tenacious work ethic, and a debt free balance
sheet."
Oversubscribed $800,000 Unit
Financing
A total of 5,333,334 Units were issued at a price of
$0.15 per Unit with each Unit
consisting of one common share and one common share purchase
warrant of SSC (a "Warrant"). Each Warrant is exercisable
for one common share of SSC at a price of $0.20 per share for a period of three years from
the date hereof. All securities issued under the Financing are
subject to a hold period expiring four months and one day from the
date of issue.
666,899 Units for net proceeds of approximately $100,000 were purchased by insiders of SSC.
SSC intends to use the proceeds of the Financing to facilitate
accelerated production of its Astrolab, Frootyhooty and Lamplighter
products for delivery into the Ontario and Alberta recreational cannabis markets,
expansion into new markets, and for capital expenditures related to
production efficiencies.
The Financing was previously announced in SSC's press releases
dated March 28, 2024 and April 8, 2024, which are available on SSC's
SEDAR+ profile at www.sedarplus.ca. Units acquired by insiders are
considered "related party transactions" for the purposes of
National Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). SSC was
exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 in reliance on sections 5.5(a) and
5.7(1)(a) of MI 61-101.
The Financing is subject to the final approval by the TSXV.
Saskatchewan Product Launch
SSC is pleased to have received a purchase order and will be
launching products from it's Astrolab, Frootyhooty and Lamplighter
brands into the Saskatchewan
recreational cannabis market in April and May 2024.
About Simply Solventless
Concentrates Ltd.
SSC is a public company incorporated under the Business
Corporations Act (Alberta).
SSC's mission is to provide pure, potent, terpene-rich ready to
consume cannabis products to discerning cannabis consumers. For
more information regarding SSC, please see
www.simplysolventless.ca.
Notice on Forward Looking
Information
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities laws. Any
statements that are contained in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "will", "estimates",
"believes", "intends", "expects", "projected" and similar
expressions which are intended to identify forward-looking
statements. More particularly and without limitation, this press
release contains forward looking statements concerning the use of
proceeds of the Financing, profitable revenue growth in both
existing and new markets, the prospects of SSC, expansion into new
markets, accelerating production and obtaining production
efficiencies, and the launch of products into the Saskatchewan recreational cannabis market. SSC
cautions that all forward-looking statements are inherently
uncertain, and that actual performance may be affected by a number
of material factors, assumptions and expectations, many of which
are beyond the control of SSC, including expectations and
assumptions concerning SSC, as well as other risks and
uncertainties, including those described in SSC's filings available
on SEDAR+ at www.sedarplus.ca. The reader is cautioned that
assumptions used in the preparation of any forward-looking
statements may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted as a
result of numerous known and unknown risks, uncertainties and other
factors, many of which are beyond the control of SSC. The reader is
cautioned not to place undue reliance on any forward-looking
statements. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release
are made as of the date of this press release, and SSC does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by securities law.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any
jurisdiction.
Neither 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.
SOURCE Simply Solventless Concentrates Ltd.