NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) — BC Craft Supply Co. Ltd. (the “Company” or “BC Craft“) (CSE: CRFT) (OTC:CRFTF) (FSE:ZZD1) is pleased to announce that it has entered into an agreement to complete a strategic private placement with Mr. Daniel Petrov for aggregate proceeds of $500,000 (the “Private Placement“). The Company is also pleased to announce that it has entered into a letter of intent to acquire 100% of Somo Industries Inc. dba Feelwell (the “Acquisition“).
Strategic Private Placement
Mr. Petrov is an accomplished cannabis industry leader with a decade of experience working with a number of successful cannabis ventures and acting as a consultant to industry-related companies worldwide. He is the current Chief Executive Officer of Kiaro Holdings Corp. (TSXV:KO), co-founder and former Executive Vice President of Aurora Cannabis (NYSE:ACB). In addition to his role as CEO, Mr. Petrov has held board positions with various cannabis companies and is part of a working group of Canadian experts that advise international governments on developing cannabis regulations.
Pursuant to the Private Placement offering, the Company will sell an aggregate of 6,095,238 units in the capital of BC Craft (each a “Unit“), each Unit will be issued at a price of CAD $0.084 and comprised of one common share of the Company (each a “Common Share“) and one-half of one (1/2) common share purchase warrant (each whole warrant, a “Warrant“) of the Company. Each Warrant is exercisable to acquire one Common Share of the Company for a period of 24 months following the closing date at an exercise price of CAD $0.126 per Common Share. All securities issued or issuable pursuant to the Private Placement are subject to a hold period of four months and one day.
In connection with the Private Placement, Mr. Petrov has been appointed as a member of the Company’s advisory board. As compensation for Mr. Petrov’s services as an advisory board member, the Company will grant to Mr. Petrov stock options to purchase up to an aggregate of 100,000 Common Shares at an exercise price of $0.105 per Common Share for a period of up to 5 years. The stock options are subject to the Company’s stock option plan and vest over a period of approximately five (5) months.
Matthew Watters, CEO of BC Craft stated, “We are thrilled to welcome Daniel Petrov as a member of our advisory board. Daniel’s personal business and investment initiatives reflect his passion for driving innovative, high reward projects and we are delighted to be added to his ecosystem. Mr. Petrov’s addition comes at a critical time as we gain traction in market and we look forward to leveraging his experience and personal relationships in the to help shape BC Craft’s strategic direction.”
For further information please contact Matthew Watters, Director, at (604) 687-2038.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About BC Craft Supply Co. Ltd.
Based in Vancouver, British Columbia, BC Craft Supply Co. has aggregated the best legacy-era talent from Canada’s craft cannabis industry, which boasts an international reputation. The team at BC Craft supports the most trusted cannabis cultivators in Canada to transition into their supply chain, bringing with them their unique cultivars and years of experience with the plant. In exchange for support with licensing, compliance and distribution, cultivators will sign on as a BC Craft supplier. This makes BC Craft uniquely positioned to be the premium cannabis brand in Canada.
BC Craft’s subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada.
Matthew Watters, Direct Phone: 604-687-2038
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking information in this press release includes statements relating to Ava Pathways ability to provide access to tested and standardized naturally-derived and synthetic materials for the production of superior psychoactive and non-psychoactive formulations and the emerging psychedelic space becoming legal and social acceptable from the broader population. Although the Company believes that the material factors, expectations and assumptions expressed in such forward- looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Accordingly, readers should not place undue reliance on forward-looking statements. BC Craft disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.