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CALGARY, AB, April 8, 2024 /CNW/ - Simply Solventless
Concentrates Ltd. (TSXV: HASH) ("SSC") is pleased to
announce that due to very strong demand, it has upsized its
non-brokered private placement of units from aggregate gross
proceeds of up to $500,000 to
aggregate gross proceeds of up to $800,000 (the "Financing"). The Financing
was previously announced in SSC's press release dated March 28, 2024, which is available on SSC's
SEDAR+ profile at www.sedarplus.ca. All securities issued under the
Financing will be subject to a hold period expiring four months and
one day from the date of issue.
SSC intends to use the net proceeds of the Financing to
facilitate accelerated production of its Astrolab, Frootyhooty and
Lamplighter products for delivery into the Ontario and Alberta recreational cannabis markets,
expansion into new markets, and for capital expenditures related to
production efficiencies.
Up to 5,333,334 units ("Units") will be issued pursuant
to the Financing at a price of $0.15
per Unit, with each Unit consisting of one common share of
SSC and one common share purchase warrant of SSC (a
"Warrant"). Each Warrant is exercisable for one common
share of SSC at a price of $0.20 per
share for a period of three years from the date of issue.
It is anticipated that some of the subscribers in the Financing
will be insiders of SSC. Subscriptions for Units by insiders of SSC
will be considered "related party transactions" for the purposes of
National Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). It is
anticipated that SSC will be exempt from the formal valuation and
minority shareholder approval requirements of MI 61-101 in reliance
on sections 5.5(a) and 5.7(1)(a) of MI 61-101.
Closing of the Financing is subject to the receipt of all
necessary regulatory approvals, including approval of the TSX
Venture Exchange.
About Simply Solventless
Concentrates Ltd.
SSC is a public company incorporated under the Business
Corporations Act (Alberta).
SSC's mission is to provide pure, potent, terpene-rich ready to
consume cannabis products to discerning cannabis consumers. For
more information regarding SSC, please see
www.simplysolventless.ca.
Simply Solventless Concentrates
Ltd.
Jeff Swainson,
President and CEO
Phone:
403-796-3640
Email:
jeff@simplysolventless.ca
Notice on Forward Looking
Information
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities laws. Any
statements that are contained in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "will", "estimates",
"believes", "intends", "expects", "projected" and similar
expressions which are intended to identify forward-looking
statements. More particularly and without limitation, this press
release contains forward looking statements concerning closing the
Financing, the use of gross proceeds of the Financing, accelerating
production, obtaining production efficiencies and participation in
the Financing by insiders of SSC. SSC cautions that all
forward-looking statements are inherently uncertain, and that
actual performance may be affected by a number of material factors,
assumptions and expectations, many of which are beyond the control
of SSC, including expectations and assumptions concerning SSC, as
well as other risks and uncertainties, including those described in
SSC's filings available on SEDAR+ at www.sedarplus.ca. The
reader is cautioned that assumptions used in the preparation of any
forward-looking statements may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted as a result of numerous known and unknown risks,
uncertainties and other factors, many of which are beyond the
control of SSC. The reader is cautioned not to place undue reliance
on any forward-looking statements. Such information, although
considered reasonable by management at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated. Forward-looking statements contained in this
press release are expressly qualified by this cautionary
statement.
The forward-looking statements contained in this press release
are made as of the date of this press release, and SSC does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by securities law.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any
jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Simply Solventless Concentrates Ltd.