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Yeah I guess it depends on what exchange you want to buy it on...the CDN exchange is more liquid than the otc RLLRF. Thanks for putting up the otc ticker symbol. Haven’t followed this one for awhile. Should be good to go come summer.
Yes that is correct.
I believe the us otc symbol for Sugarbud is still RLLRF.
Is this correct?
One is Sugarcreek otc
The other is sugarbud on the Canadian exchange. 2 different companies. Hope that helps.
Sugr is on the CDN venture exchange. Try putting SUGR.V
The old ticker is RRL relentless resources.
Yahoo finance has both tickers listed, each trading at a different price???
Hey postal, trying to purchase some SUGR but not listed on E*TRADE for that ticker. When I search by the full company name it comes up with RLLRF instead. Can you fill me in about this?
TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, Alberta, Jan. 28, 2019 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) is pleased to provide an update regarding the completion of its 29,800 square foot (“Phase 1”) vertical cannabis cultivation facility at Stavely, Alberta (the “Facility”) and its retail strategy.
Status of the Facility
SugarBud has completed the construction of the Facility’s exterior and inner walls, including the installation of key electrical, plumbing and mechanical equipment (the “Base Building”), and occupancy of the Facility is expected in February, 2019.
The Base Building was completed at a cost of approximately $7.8 million, representing $0.5 million more than the budgeted amount. The additional expenditures were primarily attributable to design changes to allow for future expansion capability, including Phase 2 of the Facility. See Figures 1, 2, 3 and 4 for pictures of the Facility.
Figure 1 – http://www.globenewswire.com/NewsRoom/AttachmentNg/0273a1b0-d335-49ad-bf64-c8bc5bc20060
Figure 2 – http://www.globenewswire.com/NewsRoom/AttachmentNg/09ace4fc-f554-48d3-a5d9-15f02bc6cd7f
Figure 3 – http://www.globenewswire.com/NewsRoom/AttachmentNg/169f5f2d-0600-4ffe-b8e7-323db32f74d9
Figure 4 – http://www.globenewswire.com/NewsRoom/AttachmentNg/a4e8d089-c367-4c4d-b04c-d4f9965756c3
The Company anticipates that it will receive a cultivation license from Health Canada by the end of Q1, 2019. Upon the receipt of a cultivation license, SugarBud will commence cultivation in its first two partially equipped grow rooms. The Company will then begin to equip the remaining six flowering rooms, capital permitting, until the entire Facility is in full production. SugarBud plans to have Phase 1 in full production by the end of 2019.
Phase 1 of the Facility is comprised of 29,800 total square feet of floorplate, including eight ~2,150 square foot cannabis flowering rooms totaling ~17,500 square feet of floorplate. The ceilings of the flowering rooms are 28’ tall, allowing for up to four layers of flowering canopy in each grow room.
SugarBud estimates that under a full development scenario with four layers of flowering canopy, Phase 1 of the Facility will have up to 37,000 square feet of flowering canopy. At a metric of 50 grams per square foot of flowering canopy per crop, and five crops per year, this equates to up to an estimated 9,500,000 grams of dried cannabis flower production per year.
SugarBud’s vertical grow method with four layers of flowering canopy is anticipated to result in a 211% flowering canopy to flowering floor plate ratio. This high utilization of square footage maximizes revenue per square foot of floor plate and minimizes capital costs per square foot of flowering canopy. For reference, if SugarBud were to utilize a single layer of flowering canopy, it’s flowering canopy to flowering floor plate ratio would reduce to 53%.
Phase 2 of the Facility is estimated to be comprised of 12 additional flowering rooms totaling approximately 26,000 square feet of floorplate, up to 55,500 square feet of flowering canopy, and up to an estimated 14,000,000 grams of dried flower production per year (at the same 50 grams per square foot of flowering canopy per crop, and five crops per year). See below for a summary of these figures.
Phase (#) Layers of Flowering Canopy (#) Flowering Canopy (Square Feet) Estimated Annual Dried Cannabis Flower Production (Grams)
1 4 ~37,000 ~9,500,000
2 4 ~55,500 ~14,000,000
Total N/A ~92,500 ~23,500,000
Health Canada Attestation Video
SugarBud has engaged a professional film crew to shoot an attestation video for Health Canada (the “Video”) on February 7 and 8, 2019. The Video is one of the final steps to be taken prior to the receipt of the Company’s cultivation license from Health Canada. The Video will outline the readiness of the Facility for the cultivation of cannabis and the integrity of the Facility’s security protocols.
Timeline Summary
See below for a summary of the estimated timeline for the completion of Phase 1:
Base Building: Completed.
Health Canada Attestation Video: February 7 and 8, 2019.
Building Occupancy: February 28, 2019.
Flowering Rooms 1 and 2 (Partial): March 15, 2019.
Cultivation License: Expected Q1, 2019.
Flowering Rooms 3 – 8: December 31, 2019.
This timeline is subject to change and is based on current internal estimates.
Power and Water
The Company believes that it can access all of the required power for Phase 1 and Phase 2 of the Facility under favorable commercial terms. The Facility is currently operating on generated power with redundancy. SugarBud is performing a comprehensive power study regarding its long-term power needs for Phase 2, which are anticipated to be satisfied with natural gas co-generation, power provided by the grid, or a combination thereof. The objectives of the Company are to employ the most cost effective and reliable power strategy available.
SugarBud has water supply from the town of Stavely in quantities satisfactory for Phase 1 and Phase 2. All water used in growing operations will be processed through an industrial scale reverse osmosis system prior to being used, ensuring that there are no contaminants.
Retail Update
SugarBud’s initial retail strategy of identifying and high-grading potential retail locations is intact and the company is monitoring the AGLC moratorium implemented in December 2018.
SugarBud has identified numerous potential retail locations and intends to enter into non-binding leases conditional upon the ability to achieve applicable licensing for the distribution of cannabis. SugarBud is also evaluating potential joint ventures and acquisitions with respect to existing and potential locations.
Read more at https://stockhouse.com/news/press-releases/2019/01/28/sugarbud-completes-the-construction-of-its-state-of-the-art-vertical#xQDyry1XJwbMVAJr.99
TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, Alberta, Jan. 31, 2019 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) is pleased to announce that it has entered into a strategic relationship with Phylos Bioscience Inc. (“Phylos”) for the characterization and analysis of SugarBud’s future cannabis strains (the “Genetic Library”). With the declaration afforded to SugarBud as a late-stage applicant under Health Canada’s Cannabis Regulations, the Company has line of sight to a Genetic Library of over 400 top-tier strains, including the latest “designer” hybrid strains and foundational landrace strains.
Craig Kolochuk, President and Chief Executive Officer of SugarBud, stated: “Phylos has extensive knowledge of the global cannabis market and the rapidly evolving needs of medical and recreational cannabis users. Phylos will analyze chemotype, phenotype, and genotype data sourced from SugarBud’s Genetic Library, which will provide insights that could include genetic profiles, potential yields, terpene levels, THC and CBD content, plant sizes, and vegetation and flowering times. This data will not only assist SugarBud in determining the optimal cannabis strains for production from an economic standpoint, it will also ensure that SugarBud’s customers are provided with a diverse product offering and certainty regarding the cannabis that they are consuming.”
About Phylos Bioscience Inc.
Phylos is the world’s leading provider of cannabis genomics. Using modern molecular genetics and computational biology, Phylos is driving the development and improvement of hemp and drug varieties for optimal performance across diverse agricultural environments. The Phylos world-class team supports research and development, breeding partnerships with global partners, and cultivation businesses worldwide with a comprehensive suite of genetic testing solutions.
About SugarBud
SugarBud is an Alberta-based emerging cannabis company engaged in the development, acquisition, production and distribution of cannabis in Canada.
For further information regarding this news release, please contact:
Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: craigk@sugarbud.ca Jeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 796-3640
E-mail: jeffs@sugarbud.ca
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com Phylos Bioscience Inc. Contact
Paige Hewlett, Vice President, Marketing
Phylos Bioscience Inc.
Phone: (503) 206-6599
E-mail: phewlett@phylosbioscience.com
Website: http://www.sugarbud.ca/
Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 403-532-4466
Fax: 587-955-9668
Forward Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company’s assessment of future plans and operations, and, more particularly, statements concerning the strategic relationship with Phylos, SugarBud’s Genetic Library and the characterization and analysis thereof. When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company that include, but are not limited to, the timely receipt of all required regulatory and third-party approvals. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals, including receipt of cultivation and sales licenses from Health Canada, not being obtained in the manner or timing anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations, including future legislative and regulatory developments involving medical and recreational marijuana; construction delays; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company’s annual information form (“AIF”) for the year ended December 31, 2017 and management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2018 for additional risk factors relating to the Company. The AIF and MD&A can be accessed under the Company’s profile on www.sedar.com.
Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Date Transaction
Date Insider Name Ownership
Type Securities Nature of transaction Volume or Value Price
Dec 6/18 Dec 6/18 Wilson, Daniel Thomas Indirect Ownership Common Shares 10 - Acquisition in the public market 433,333 $0.060
Dec 6/18 Dec 6/18 Wilson, Daniel Thomas Indirect Ownership Common Shares 10 - Acquisition in the public market 365,886 $0.060
Dec 6/18 Dec 6/18 Wilson, Daniel Thomas Indirect Ownership Common Shares 10 - Acquisition in the public market 100,000 $0.060
Dec 6/18 Dec 6/18 Wilson, Daniel Thomas Indirect Ownership Common Shares 10 - Acquisition in the public market 100,780 $0.060
Read more at http://www.stockhouse.com/companies/bullboard/rllrf/relentless-resources-ltd?postid=29081211#4vZTJoQpiUWGvXkl.99
1. Fully funded
2. Vertical farming-3x the capcity for similar sized footprints
3. Aeroponics-Super efficient
4. Currently generating revenue
5. Supply deal in place with Spirit Leaf
6. Strategic Investment by Spirit Leaf
7. Top quality craft bud. . Would also like to add that the building is finished and the guts are going in as we speak . Lets pop another 25 Million Equity Facility with Alumina . Last but not least Agriculture Canada would not put in millions if a lincence was not forth coming and as a bonus the company goes green from oil and oh yah thoses assets are being sold off so whatever money they get is going straight into the warchest with no extra dillution .
Hopefully they get a new US symbol eventually as well
Great News!
Thanks
Excited to see the new symbol in action.
Yes. Sometimes it takes a couple days for brokers to complete the transaction.
With this new trading symbol, does this mean any rrl shares purchased will simply transfer over to the new stock symbol sugr?
SugarBud Announces Completion of Change of Business and Trading of Its Common Shares Under the Ticker “SUGR” Commencing October 26, 2018
TSX-Venture Exchange: RRL
CALGARY, Alberta, Oct. 24, 2018 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) (trading as Relentless Resources Ltd.) is pleased to announce that it will commence trading on the TSX Venture Exchange (“TSXV”) under the stock symbol “SUGR” on October 26, 2018 and that it has completed certain of the previously announced transactions which collectively constituted the Company’s change of business (the “Change of Business”).
SugarBud Highlights
With approximately $10 million in cash(1), no debt, and a $17.65 million commitment letter with Farm Credit Canada, SugarBud is well-positioned to execute on its cannabis cultivation, processing, and medical/retail distribution strategy;
SugarBud has a team with a track record of success supported by a board with a strong mix of cannabis, oil and gas, start-up, transaction, business and regulatory experience;
Cultivation license applied for and anticipated by year-end 2018;
Line of sight to over 400 top-tier cannabis strains with genetics to be profiled and mapped;
Phase 1 of SugarBud’s cannabis cultivation facility at Stavely, Alberta has been erected and internal construction is currently being completed;
$2.1 million(2) liquid equity investment in Inner Spirit Holdings Ltd. (“Inner Spirit”), with the second tranche expected to close in the coming weeks; and
Planned retail distribution of cannabis through Inner Spirit’s network of Spiritleaf dispensaries and other avenues.
Notes:
(1) CAD, after giving effect to the fully-subscribed rights offering (described below).
(2) Prior to giving effect to the second tranche, based on closing Inner Spirit market price on October 23, 2018 of $0.28 per share.
Craig Kolochuk, President and Chief Executive Officer of SugarBud stated: “The completion of our listing as a Tier 2 Life Sciences Issuer is an incredible milestone for our company. We would like to thank the TSXV for their diligence and guidance throughout the change of business process, our team for their hard work, and our shareholders for their continued belief in our story. We will continue to focus on the construction of our Stavely, Alberta facility to ensure that we are on-time and on-budget, and moving forward we will pursue other high-impact objectives to create value for our stakeholders.”
Change of Name and Stock Symbol
The TSXV has formally approved the Company’s name change from “Relentless Resources Ltd.” to “SugarBud Craft Growers Corp.” and the common shares in the capital of the company (the “Common Shares”) will commence trading on the TSXV under the Company’s new name and new trading symbol “SUGR” at the market opening on October 26, 2018.
Acquisition of Grunewahl Organics Inc.
On October 23, 2018, the Company, through its wholly owned subsidiary 2114152 Alberta Ltd., acquired all of the issued and outstanding shares in the capital of Grunewahl Organics Inc. (“Grunewahl”), whose subsidiary is a late-stage applicant to become a licensed producer under Health Canada’s Access to Cannabis for Medical Purposes Regulation (the “Acquisition”). Pursuant to the Acquisition, the Company issued an aggregate of 19,259,993 Common Shares to former holders of shares in the capital of Grunewahl. Certain directors of the Company are also directors and officers of Grunewahl. As a result, the Acquisition did not constitute an Arm’s Length Transaction pursuant to the policies of the TSXV.
Rights Offering
The Company has received final approval from the TSXV to issue certificates representing the Common Shares and common share purchase warrants (“Warrants”) issuable to participants of the previously announced fully subscribed rights offering, the results of which were announced on September 20, 2018. The Company is in the process of effecting the distribution of the Common Shares and Warrants.
Investment with Inner Spirit
In the coming weeks, the Company expects to complete the second tranche of a strategic investment with Inner Spirit pursuant to which: (i) the Company will issue to Inner Spirit an aggregate of 8,108,108 Common Shares and 1,125,000 share purchase warrants, each whole warrant entitling Inner Spirit to purchase one Common Share at a price of $0.30 per share for a period of 24 months from the date of issue; (ii) the Company will receive an additional 7,500,000 units of Inner Spirit, each unit consisting of one common share in the capital of Inner Spirit and one-half of one Inner Spirit warrant, each whole warrant entitling the Company to purchase one Inner Spirit share at a price of $0.30 per share for a period of 24 months from the date of issue and vesting immediately upon issue; and (iii) the Company will execute a strategic alliance agreement with Inner Spirit that will govern the on-going business relationship of the parties. William Macdonald, a director of the Company, is also a director of Inner Spirit. As a result, the transactions with Inner Spirit will not constitute an Arm’s Length Transaction pursuant to the policies of the TSXV.
Appointment of Tekkfund
The Company engaged Tekkfund Capital Corp. (“Tekkfund”) effective as of May 24, 2018 to provide financial communications, investor relations and corporate communications services for an initial term of two years. Tekkfund will work with the Company’s leadership team to advance its broad communications goals and support continued growth. Tekkfund will provide support at levels that will vary depending on the Company’s needs. The Company anticipates that Gary Perkins, President of Tekkfund, at his principal office in Toronto, Ontario, will provide significant value as the Company executes on its business plan. Mr. Perkins provides investor relations services to issuer’s across Canada. Tekkfund is an arm’s length party who will be paid an agreed upon monthly fee in exchange for their investor relations related services at an anticipated total cost of $107,500 for two years.
Additional Information
For additional information regarding SugarBud and the Change of Business, please refer to the filing statement of SugarBud dated October 9, 2018 (the “Filing Statement”), which is available under the Company’s profile on SEDAR at www.sedar.com.
About SugarBud Craft Growers Corp.
SugarBud is a Calgary based emerging cannabis company engaged in the development, acquisition and production of cannabis in Canada.
For further information regarding this news release, please contact:
Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: craigk@sugarbud.ca
Jeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 796-3640
E-mail: jeffs@sugarbud.ca
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com
Website: http://www.sugarbud.ca
Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 403-532-4466
Fax: 587-955-9668
I think it’s RLLRF
Is there a us otc symbol for RRL?
TIA
THE FLOOD GATES ARE OPEN, ITS POT LEGALIZATION DAY!
Should be, the new ticker symbol is a little more attractive and relevant.
$SUGR
Public will be much more receptive hopefully
Yeah for sure. This one is going to take a little time but it will be worth the wait. $SUGR
Thanks for the update postal72!
Very excited over here to be part of this one.
Company seems very organized also.
Vertical Aeroponic Cannabis Cultivation Facility at Stavely, Alberta
SugarBud is pleased to announce that Phase 1 of the Facility has been erected by ConstructShieldTM, with direct assistance from Gunther’s Masonry Construction Ltd. Construction is currently underway on the interior of the building, including the inner walls, electrical, mechanical, plumbing and other components of the Facility. See Exhibits 1 and 2 for pictures of Phase 1 and Exhibit 3 for a drone video of Phase 1.
Exhibit 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/8b24e6ea-8736-41c9-9f5a-40c2ad0a9ce7
Exhibit 2: http://www.globenewswire.com/NewsRoom/AttachmentNg/deb98546-930f-453d-a334-f33f1a5a4ae0
Exhibit 3 – Drone Video of the ConstructShieldTMFacility:
Hi people
I like the layout so far of sugarbud. Was wondering if their bldg was up and running yet. Will they be ready to sell cannabis on the market in October this year?
CALGARY, Alberta, Oct. 01, 2018 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) (trading as Relentless Resources Ltd.) is pleased to announce that it has received conditional approval from the TSX Venture Exchange (“TSXV”) in respect of a series of transactions (the “Transactions”) that will collectively constitute a “Change of Business” of the Company from an oil and gas company to a cannabis company. In connection with the Transactions, the Company will file a filing statement (the “Filing Statement”) under SugarBud’s profile on SEDAR at www.sedar.com.
The Transactions include, without limitation: (i) the completion of its rights offering to holders (“Shareholders”) of common shares of SugarBud (“Common Shares”), the results of which were announced on September 20, 2018; (ii) the acquisition (the “Acquisition”) of Grunewahl Organics Inc. (“Grunewahl”); (iii) the second tranche of a strategic investment with Inner Spirit Holdings Ltd. (“Inner Spirit”); (iv) the entering into of a strategic alliance agreement with Inner Spirit that will govern the on-going business relationship of the parties; and (v) the appointment of Darren Bondar, Chief Executive Officer of Inner Spirit, as a director of SugarBud, each as will be described in the Filing Statement.
Closing of the Transactions is subject to a number of conditions (“Conditions”) including, but not limited to: final TSXV approval of the Change of Business and the issuance by the TSXV of its final bulletin in respect of the Transactions; approval of the Transactions by greater than 50.1% of Shareholders by written consent; and closing conditions customary to transactions of the nature of the Transactions, including those described in the Filing Statement. SugarBud believes that the Conditions will be met in a timely manner, and the Transactions are currently scheduled to close on or about October 17, 2018 (“Closing”).
At Closing, the Company will be listed on the TSXV as a Tier 2 Life Sciences Issuer and trading of the Common Shares will commence on the TSXV under the name “SugarBud Craft Growers Corp.” and the trading symbol “SUGR”.
At Closing, the Rights Offering will be completed and participants in the Rights Offering will receive their Common Shares and Common Share purchase warrants shortly thereafter.
About SugarBud Craft Growers Corp.
SugarBud is a Calgary based emerging cannabis and oil and natural gas company engaged in the development, acquisition and production of cannabis and natural gas and crude oil reserves in Alberta.
For further information regarding this news release, please contact:
Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: craigk@sugarbud.ca
Jeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 796-3640
E-mail: jeffs@sugarbud.ca
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
Read more at http://www.stockhouse.com/news/press-releases/2018/10/01/sugarbud-announces-conditional-approval-of-change-of-business#vJwRv3ryAvsySpgF.99
Relentless Resources halted at open
2018-10-01 07:43 ET - Halt Trading
Relentless Resources Ltd. has been halted at the open on Oct. 1, 2018, at the request of the company, pending an announcement.
From Mercatos on another board.
Very fair evaluation:
New Investor perspective
$.90/gm production cost
$.90/gm packaging/store/ship cost
$1.80/gm total cost
$4/gm wholesale sale cost
Max total production @8000 kg/year on year 1
Lets say $2/gm net margin x 8 million grams = $16 mil net profit
Divide into 330 million shares aprox = $.05/eps
P/E ratio 20 gives you $1.00 (avg PE for consumer stock with no hype)
So if I were to look at this the value of this stock should trade aprox $1.00
Year 2 when prodution should increase to 20k/kg/year then a future year 2 target price $2.40 ish
This is what I am basing my investment decision and realistic goals
Note I converted all the warrents to shares to get to the 330m total outstanding. EPS can be higher if warrents remain un touched which should reflect a higher eps but for this excercise wanted to be very conservative.
Read more at http://www.stockhouse.com/companies/bullboard?symbol=v.rrl&postid=28685727#S6hHp9mLCgo2m6hf.99
SugarBud Announces Intent to List Common Share Purchase Warrants for Trading on the TSX Venture Exchange
V.RRL | 3 hours ago
TSX-Venture Exchange: RRL
CALGARY, Alberta, Sept. 24, 2018 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) (trading as Relentless Resources Ltd.) is pleased to announce that it intends to apply to the TSX Venture Exchange (“TSXV”) to list, as a supplemental listing on the TSXV, a total of 143,858,237 common share purchase warrants (“Warrants”) of the Company consisting of 88,727,560 Warrants issued pursuant to a private placement offering of the Company completed on March 21, 2018 and an additional 55,130,677 Warrants to be issued pursuant to the previously announced fully subscribed rights offering (“Rights Offering”) for proceeds of $7.4 million (the “Proceeds”).
The Warrants will be governed by a warrant indenture to be entered into between the Company and Computershare Trust Company of Canada. The Company is currently drafting the warrant indenture and plans to list the Warrants as soon as possible.
Listing of the Warrants is anticipated to provide liquidity to SugarBud’s current Warrant holders, attract a larger scope of potential investors to SugarBud, and defer dilution into the future. Due to SugarBud’s current working capital and its access to non-dilutive forms of financing, proceeds from the exercise of Warrants is not needed at this time.
Including the Proceeds, SugarBud will have approximately $10 million of working capital. This capital will be deployed on Phase 1 of SugarBud’s cannabis cultivation facility at Stavely, Alberta, and is sufficient to achieve all requisite Access to Cannabis for Medical Purposes Regulations (“ACMPR”) licenses.
Upon receipt of its ACMPR licenses, SugarBud intends to access non-dilutive forms of capital to complete the Stavely project. As previously announced, SugarBud has entered into a commitment letter in respect of a $17.65 million credit facility with Farm Credit Canada, and is currently in negotiations with third parties regarding a revolving working capital credit facility in the amount of $2 million and equipment financing of $7 million.
The Warrants listing remains subject to TSXV approval. The Company will provide further details as they become available.
About SugarBud Craft Growers Corp.
SugarBud is a Calgary based emerging cannabis and oil and natural gas company engaged in the development, acquisition and production of cannabis and natural gas and crude oil reserves in Alberta.
For further information regarding this news release, please contact:
Craig Kolochuk Jeff Swainson
President & Chief Executive Officer Chief Financial Officer
SugarBud Craft Growers Corp. SugarBud Craft Growers Corp.
Phone: (403) 875-5665 Phone: (403) 796-3640
E-mail: craigk@sugarbud.ca E-mail: jeffs@sugarbud.ca
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com
Website: http://www.sugarbud.ca/
Address: Suite 620, 634 ? 6th Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 403?532?4466
Fax: 587?955?9668
Forward Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company’s assessment of future plans and operations, and, more particularly, statements concerning the proposed listing of Warrants on the facilities of the TSXV. When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company which include, but are not limited to, the timely receipt of all required TSXV and regulatory approvals. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals, including receipt of cultivation and sales licenses from Health Canada, not being obtained in the manner or timing anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations, including future legislative and regulatory developments involving medical and recreational marijuana; construction delays; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company’s annual information form (“AIF”) and management’s discussion and analysis (“MD&A”) for the year ended December 31, 2017 for additional risk factors relating to the Company. The AIF and MD&A can be accessed under the Company’s profile on www.sedar.com.
Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
image: https://www.globenewswire.com/newsroom/ti?nf=NzM5MTY2NyMyNTA5MTIxIzIwODY1Mjg=
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SugarBud Craft Growers.png
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Read more at http://www.stockhouse.com/news/press-releases/2018/09/24/sugarbud-announces-intent-to-list-common-share-purchase-warrants-for-trading-on#edzsPiWZ6q1f7LRw.99
SugarBud Announces Results of Fully Subscribed Rights Offeri
SugarBud Announces Results of Fully Subscribed Rights Offering for Proceeds of $7.4 Million
TSX-Venture Exchange: RRL
CALGARY, Alberta, Sept. 20, 2018 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) (trading as Relentless Resources Ltd.) is pleased to announce the results of its rights offering (the “Rights Offering”) to holders (“Shareholders”) of common shares (“Common Shares”) of SugarBud. Under the Rights Offering, Shareholders subscribed for and purchased an aggregate of 110,261,353 units (each, a “Unit”) for total approximate proceeds of $7.4 million, of which an aggregate of approximately $1.5 million worth of Units was purchased by insiders, management, and key shareholders of the Company. Units were subscribed for at a price of $0.0675 per Unit. Each Unit will consist of one Common Share and one half of one Common Share purchase warrant (a “Warrant”), with each whole Warrant entitling the holder thereof to purchase one Common Share at a price of $0.10 until September 12, 2023.
Mr. Jeff Swainson, Chief Financial Officer of SugarBud stated: “This highly successful Rights Offering for proceeds of $7.4 million demonstrates the continued support provided by SugarBud’s shareholders, and the belief that they have in our hybrid business model. We previously announced a $17.65 million non-dilutive credit facility with Farm Credit Canada and we have now achieved a significant equity investment led by our devoted insider group and new institutional shareholders. Under a full development we will have the luxury of an appropriate capital structure and a very low cost of capital, and at this stage we do not require any further dilution. In addition to our successful financings, which demonstrate strong access to capital, we are moving diligently to finalize Change of Business, to close the Grunewahl acquisition, and to close the second tranche of the Inner Spirit investment. Perhaps most importantly, we continue to execute on the construction of Phase 1 of our 29,800 square foot Stavely, Alberta aeroponic cannabis cultivation facility, which is currently progressing on-time and on-budget.”
The Company also announces that it continues to work diligently with the TSX Venture Exchange (“TSXV”) to obtain approval in respect of a series of transactions (the “Transactions”) that will collectively constitute a “Change of Business” of the Company from an exclusively oil and gas company to an emerging cannabis and oil and gas company. The Transactions include, without limitation: (i) the completion of the Rights Offering; (ii) the acquisition (the “Acquisition”) of Grunewahl Organics Inc. (“Grunewahl”); (iii) the second tranche of a strategic investment with Inner Spirit Holdings Ltd. (“Inner Spirit”); (iv) the entering into of a strategic alliance agreement with Inner Spirit that will govern the on-going business relationship of the parties; and (v) the appointment of Darren Bondar, Chief Executive Officer of Inner Spirit, as a director of SugarBud.
Grunewahl is a late stage applicant under Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The Grunewahl Acquisition will not close until the Company receives approval of “Change of Business” from the TSXV and current shareholders of Grunewahl will not receive their SugarBud Common Shares until the Acquisition closes.
Closing of the Transactions (including the Rights Offering) is subject to a number of conditions including, but not limited to: TSXV approval of the Change of Business; approval of the Transactions by greater than 50.1% of Shareholders by written consent (which has been achieved); and closing conditions customary to transactions of the nature of the Transactions. The Acquisition was approved by Grunewahl’s shareholders at a special meeting held on September 11, 2018.
The Rights Offering will result in the issuance of 110,261,353 Common Shares and 55,130,677 Warrants underlying the Units, following which the Company will have 330,784,059 Common Shares and 146,001,083 Warrants outstanding. No Units will be issued in connection with the Rights Offering.
The Company is unable to determine when Shareholders will receive their Common Shares and Warrants issued as a result of their participation in the Rights Offering.
Upon completion of the Transactions, the Company intends to use the proceeds of the Rights Offering to fund an aeroponic cannabis cultivation facility at Stavely, Alberta, which is currently under construction.
Upon completion of the Transactions, the Company intends to be listed on the TSXV as a Tier 2 Life Sciences Issuer. Trading in the common shares of the Company is expected to commence on the TSXV under the name “SugarBud Craft Growers Corp.” and the symbol “SUGR” following the issuance by the TSXV of its final bulletin in respect of the Transactions.
The Company also announces that, pursuant to the terms and conditions of its stock option plan, it has granted an aggregate of 10,150,000 stock options to purchase Common Shares to directors and officers of the Company. The options expire five years from the date of grant and are exercisable at a price of $0.11 per Common Share. The options vest as to one third on the grant date and one third on each of the first and second anniversaries of the grant date.
The Company also announces the resignation of Stanley Swiatek from the board of directors of the Company. The Company thanks Mr. Swiatek for his contributions.
About SugarBud Craft Growers Corp.
SugarBud is a Calgary based emerging cannabis and oil and natural gas company engaged in the development, acquisition and production of cannabis and natural gas and crude oil reserves in Alberta.
For further information regarding this news release, please contact:
Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: craigk@sugarbud.ca Jeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 796-3640
E-mail: jeffs@sugarbud.ca
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com
Website: http://www.sugarbud.ca/
Address: Suite 620, 634 6th Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 4035324466
Fax: 5879559668
Read more at http://www.stockhouse.com/companies/bullboard/v.rrl/relentless-resources-ltd?postid=28653208#PVOz2KB24BY6YUUi.99
Nice, big step completed. Baby company starting to take its first steps.
Shareholders of Grunewahl Organics Inc. Approve SugarBud’s Acquisition of Grunewahl
V.RRL | 1 hour ago
CALGARY, Alberta, Sept. 17, 2018 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) (trading as Relentless Resources Ltd.) is pleased to announce that shareholders of Grunewahl Organics Inc. (“Grunewahl”), who voted at a special meeting of the shareholders on September 11, 2018, unanimously approved the previously announced acquisition (the “Acquisition”) of Grunewahl by SugarBud.
Closing of the Acquisition remains contingent upon receiving approval of Change of Business of the Company from an oil and gas company to a cannabis company (“Change of Business”) from the TSX Venture Exchange and is subject to closing conditions customary to transactions of the nature of the Acquisition. The Company is working diligently to complete Change of Business and is currently in the advanced stages of the process.
SugarBud plans to provide updates regarding Change of Business, the name change to SugarBud and the stock symbol change to SUGR, the previously announced rights offering, the previously announced second tranche of the cross-investment with Inner Spirit Holdings Ltd. (“Inner Spirit”), and the construction of its cannabis cultivation facility at Stavely, Alberta (the “Facility”) as soon as possible.
About SugarBud Craft Growers Corp.
SugarBud is a Calgary based emerging cannabis and oil and natural gas company engaged in the development, acquisition and production of cannabis and natural gas and crude oil reserves in Alberta.
For further information regarding this news release, please contact:
Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: craigk@sugarbud.ca
Jeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 796-3640
E-mail: jeffs@sugarbud.ca
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com
Website: http://www.sugarbud.ca/
Address: Suite 620, 634 6th Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 4035324466
Fax: 5879559668
Read more at http://www.stockhouse.com/companies/bullboard?symbol=v.rrl&postid=28631169#blHrOGV3S1hWKdu8.99
Danielle Smith Interviews President Craig Kolochuk
https://omny.fm/shows/danielle-smith/sugarbud-the-calgary-company-combining-cannabis-an
The more I look into this, the more I like.. this has potential to be the OWCP of this years green rush. Might have to start spreading the word.
Agreed. This is a keeper, couple things in the pipeline that should be announced soon.
Adding on dips, company still going unnoticed. This is how tweed and Aurora started out back in 2014
Nice summary, name change should attract more attention.
1.We are a craft grower growing top qualifty budd.
2. Spirit leaf is invested in us (Auxly streaming partner)
3. Spirit leaf will be buying out budd for our dispensaries.
4. We are more efficient for the footprint-3 level vertical stacks = 3x the grow in the same amount of space as the others.
5. Aeroponics. Hydroponics typically uses 90% less water than soil, aeroponics can use 90% less water than hydroponics!
6. Non-dilutive financing from the province and private investors
7. Name change is coming soon.
Read more at http://www.stockhouse.com/companies/bullboard?symbol=v.rrl&postid=28596609#lXjOaKorVWUG8c9L.99
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Timeline Summary
See below for a summary of the estimated timeline for the completion of Phase 1:
This timeline is subject to change and is based on current internal estimates.
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