NAPANEE, Ontario, Feb. 26, 2018 (GLOBE NEWSWIRE) — ABcann Global Corporation (TSXV:ABCN) (“ABcann” or the “Company”) is pleased to announce that it has filed and obtained a receipt for a final short form prospectus (the “Prospectus”) in respect of its previously announced bought deal public offering (the “Offering”) of units and 6.0% unsecured convertible debentures of the Company. The Prospectus was filed in each of the provinces of Canada except Québec and a copy of the Prospectus is available on SEDAR at www.sedar.com.
For further information respecting the Offering, please see the Company’s press release dated January 29, 2018, which is also available on SEDAR.
The Offering is expected to close on or about February 28, 2018 and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange.
The Prospectus incorporates by reference Management’s Discussion and Analysis for the Company’s wholly-owned subsidiary, ABcann Medicinals Inc., for the years ended December 31, 2016 and 2015, which was prepared and filed by the Company at the request of the Ontario Securities Commission in connection with the filing of the Prospectus. This disclosure was provided pursuant to OSC Staff Notice 51-711 – Refilings and Corrections of Errors.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable 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, any securities in any state in which such offer, solicitation or sale would be unlawful.
ABcann holds production and sales licenses from Health Canada. Its flagship facility in Napanee, Ontario contains proprietary plant-growing technology, centred on its specially designed, environmentally-controlled growing chambers. This approach results in the production of pharmaceutical-grade cannabis products.
The Company is expanding its cultivation capacity and pursuing partnerships and product development opportunities domestically, as well as in select international markets, such as Germany, Australia and Israel.