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Friday, June 21, 2019 9:12:03 AM
2019-06-20 14:21 ET - News Release
Mr. Ryan Brown of North Bud Capital reports
NORTH BUD CAPITAL ACQUIRES SHARES AND WARRANTS OF NORTH BUD FARMS INC.
This news release is issued by North Bud Capital Holdings Ltd. pursuant to the early warning requirements of National Instrument 62-104 and NI 62-103 with respect to the acquisition by North Bud Capital of units of North Bud Farms Inc.
On June 19, 2019, in connection with the closing of a non-brokered private placement of the issuer, North Bud Capital purchased 3,333,333 units in the share capital of the reporting issuer at a price of 30 cents per unit for gross proceeds to the issuer of $1-million.
Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share in the share capital of the issuer at an exercise price of 40 cents and expiring on June 19, 2021.
Prior to the private placement transaction, North Bud Capital owned and controlled 7,084,500 common shares in the share capital of the issuer, representing 12.75 per cent of the issued and outstanding common shares of the issuer.
As a result of the closing of private placement transaction, North Bud Capital holds a total of 10,417,833 common shares of the issuer, representing 17.49 per cent of the issued and outstanding common shares of the issuer, and, assuming the exercise of the 3,333,333 warrants comprised in the units, will hold a total of 13,751,166 common shares, representing a total of 21.86 per cent of the issued and outstanding common shares of the issuer on a partially diluted basis.
Depending on economic or market conditions or matters relating to the issuer, North Bud Capital may in the future choose to either acquire additional securities of the issuer or dispose of securities of the issuer.
For further information, and to obtain a copy of the early warning report filed under applicable securities legislation in connection with the transactions described herein, please go to the issuer's profile on SEDAR or contact Ryan Brown, chief executive officer of North Bud Capital, at 855-359-2475.
Read more at https://stockhouse.com/companies/bullboard#w2aETJeAoW5lLkf0.99
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