Sugarbud Craft Growers Corp (SUGR)

[postal72]

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: [phone]
E-mail: [e-mail]
Jeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: [phone]
E-mail: [e-mail]

Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: [phone]


Read more at http://www.stockhouse.com/news/press-releases/2018/10/01/sugarbud-announces-conditional-approval-of-change-of-business#vJwRv3ryAvsySpgF.99