SUN.ca $WLDFF Wildflower Brands closes $434,600 financing
2020-12-03 12:49 ET - News Release
Mr. Krystian Wetulani reports
WILDFLOWER BRANDS CLOSES FINANCING AND PROVIDES CORPORATE UPDATE
Wildflower Brands Inc. has closed the previously announced financing for aggregate gross proceeds of $434,600.
Each unit consists of one common share at 15 cents and one share purchase warrant exercisable at 30 cents for a period of 2 years. No finders' fees were paid. Directors of the Company participated for $150,000 of the said financing.
The proceeds of the financing are being used for the Rubicon Organics launch. The Company has already shipped a $150,000 filling machine to the Rubicon facility in Delta, BC to manufacture its topical line of products. Packaging and ingredients are being purchased to service the 840 stores across Western Canada and Ontario that Rubicon fulfills. Launch is targeted for February 2021.
Wildflower Wellness products have achieved shelf space at Lane Crawford stores in Hong Kong in time for the Holiday season which meets the projected timelines. Worth noting is that the Hong Kong retail luxury sales account for 5-10% of global sales and penetrating the Asian market is a major milestone for the Company's growth.
The build-out of City Cannabis's flagship Toronto store is well underway bringing City Cannabis's unique and unmatched cannabis retail experience to the Ontario market for the first time. The location of the Toronto store is the first to service both the luxury retail market and the financial district. Other locations are in various stages of approval.
"The above-mentioned update is being accomplished through existing cashflow as well as proceeds from this financing," says Wildflower's CEO William MacLean. "This truly speaks to the resilience of our team and the strength of the business we've built. We look forward to the significant value these developments will create for our shareholders."
Further to the Company's news release dated October 29, 2020, the Company's principal regulator, the British Columbia Securities Commission (BCSC) granted a management cease trade order (the "MCTO") on October 29, 2020, under National Policy 12-203 Management Cease Trade Orders ("NP 12-203").
Pursuant to the MCTO, the Chief Executive Officer, Chief Financial Officer, and Chief Development Officer may not trade in securities of the Company until such time as the Company files its annual audited financial statements for the year ended June 30, 2020, management's discussion and analysis and related certifications (collectively, the "Required Documents") and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.
The Company's Board of Directors and management confirm that they are working expeditiously to file the Required Documents and confirm that since the Company's news release dated October 29, 2020, there is no other material information respecting the Company's affairs that has not been generally disclosed.
Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of a specified requirement.
ABOUT WILDFLOWER BRANDS INC.
Wildflower Brands is a Vancouver-based company developing and designing brands that focus on plant-based health and wellness products. All of our brands work in synergy, toward becoming a global wellness leader.
We seek Safe Harbor.
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