TORONTO, Oct. 02, 2018 (GLOBE NEWSWIRE) — Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) is pleased to announce that it has filed a final short form prospectus (“Prospectus”) in each of the provinces of British Columbia, Alberta and Ontario to qualify the distribution of 23,376,100 units of the Company (“Units”) and the common shares and warrants underlying such Units issuable for no additional consideration upon the exercise or deemed exercise of 23,376,100 special warrants of the Company (“Special Warrants”). The Special Warrants were issued in connection with the previously announced private placement offering (the “Offering”) which closed on August 10, 2018. The Special Warrants were sold at a price of $1.60 per Special Warrant (the “Issue Price”), for aggregate gross proceeds of approximately $37.4 million.
Pursuant to the terms of the Agency Agreement, the Company agreed to use its best efforts to obtain a receipt for a final short form prospectus qualifying the distribution of the Units upon exercise of the Special Warrants (the “Qualification Condition”) on or before October 4, 2018 (the “Qualification Deadline”). The Qualification Condition was satisfied prior to the Qualification Deadline.
Pursuant to special warrant indenture dated August 10, 2018 between the Company and TSX Trust Company, each Special Warrant is exercisable, without payment of any additional consideration, on the third business day after the date on which a Final Passport System Decision Document (the “Prospectus Receipt”) is received by the Company from the Ontario Securities Commission. As the Prospectus Receipt was received by the Company on October 2, 2018, the Company expects that the deemed exercise of the Special Warrants will occur on or about October 5, 2018.
For more information on the Offering, please refer to the Prospectus, as well as the Company’s news releases, dated July 30, 2018, August 1, 2018, August 10, 2018, and August 22, 2018, available on the Company’s profile on SEDAR at www.sedar.com.
Maricann Group Inc., through its subsidiaries, is operating under the Wayland Group name. For further details see the press release dated September 24, 2018.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Wayland Group Corp.
Wayland is a vertically integrated producer and distributor of cannabis for medical purposes. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany and Regensdorf, Switzerland. Wayland is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) footprint upon full buildout, and will continue to pursue new opportunities in Europe.