Resinco Capital acquires B.C. firm Vancity Green List
2018-12-31 16:43 ET - News Release
Mr. Alexander Somjen reports
RESINCO CAPITAL PARTNERS ANNOUNCES STRATEGIC INVESTMENT WITH ACQUISITION OF VANCITY GREEN LIST INC.
Resinco Capital Partners Inc. has acquired the outstanding shares of Vancity Green List Inc., a private company based out of British Columbia.
The company entered into a definitive agreement with Vancity Green List and acquired 100 per cent of the issued and outstanding shares of Vancity Green List, by way of a three-cornered amalgamation, in consideration of the issuance of 15 million common shares of Resinco Capital Partners. Pursuant to the terms of the Vancity Green List agreement, Vancity Green List will now operate as a wholly owned subsidiary of Resinco Capital Partners.
Finders' fees will be payable on this transaction, in accordance with the policies of the Canadian Securities Exchange.
About Vancity Green List Inc.
Vancity Green List is a leading website application that connects personal-use cannabis growers and local dispensaries. With the legalization of cannabis products, personal-use cannabis growers will have the opportunity to have four plants within their household. With the yield that comes from these cannabis plants, there will be a surplus that can be commercialized.
Currently, there is a market shortage of cannabis products because of the recent government legalization and the lack of facilities to fill market demand. The national shortage is very real. More countries are legalizing cannabis, such as Croatia, Germany, Austria and New Zealand, and they are purchasing cannabis products from Canada, creating a shortage for the local market.
Vancity Green List has created a local database for personal-use growers and local dispensaries. Everyday personal-use growers will be able to upload their cannabis products for sale; the local dispensaries can then log in and search through the hundreds of personal-use growers and the products that they want to sell. Vancity Green List will be the leading business system that will connect personal-use growers and local dispensaries, while helping to eliminate the national shortage for cannabis products throughout Canada.
Alexander Somjen, president and chief executive officer of Resinco Capital Partners, commented: "Vancity's unique business model meets Resinco's investment mandate in search of new investment opportunities in the growing cannabis sector. These types of investments will continue to diversify and strengthen our existing portfolio."
Financing
Further to Resinco Capital Partners' news release dated Nov. 26, 2018, the company has cancelled the private placement offering of up to 15 million subscription receipts at a price of 20 cents per subscription receipt. The decision was made due to unfavourable market conditions.
About Resinco Capital Partners Inc.
Resinco Capital Partners is a global investment company which specializes in providing early-stage financing to private and public companies, as well as medical marijuana pharmaceutical companies. Resinco Capital Partners engages in new, early-stage investment opportunities in previously underdeveloped assets and obtaining significant positions in early-stage investment opportunities that adequately reflect the risk profile.
We seek Safe Harbor.
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