Toronto, Ontario – May 20, 2014 – Vida Cannabis Corp. (“Vida Cannabis”) is pleased to provide a general progress update on recent financing activities.
Subsequent to closing its oversubscribed $0.25 round of financing, (see April 15, 2014 release – Vida Cannabis Corp. Closes US$ 2.5 Million Equity Financing),Vida Cannabis has launched a new round of private equity financing whereby the company intends to raise US$ 5 million by issuing 10 million common shares at $0.50 per share.
Management is focused on building a diverse international base of value-added accredited and institutional investors. Like the previous financing, this private placement will take place pursuant to three distinct distributions to qualified investors in the United States, Canada and internationally.
The proceeds from this financing will primarily be applied towards capital improvements to the Company’s 300,000-plus-square-foot medical marijuana production facility in Stellarton, Nova Scotia. Work has commenced towards refurbishing the facility to meet all of Health Canada’s requirements (see May 6, 2014 release – Vida Cannabis Corp. Signs Design-Build Contract with Nova Scotia-Based Lindsay Construction).
About Vida Cannabis Corp.
Vida Cannabis Corp. (“Vida Cannabis”) is focused on developing a dominant production footprint in the rapidly developing global marketplace for the legal use of medicinal and recreational marijuana.
Initial operations are focused on the Canadian market where Health Canada has established national guidelines enabling best-in-class producers to acquire commercial production licenses under the Marihuana for Medical Purposes Regulations.
Via its wholly owned subsidiary, Vida Cannabis (Canada) Ltd., Vida Cannabis purchased a 300,000-plus-square-foot production facility in the town of Stellarton, Nova Scotia and secured a 50-year irrevocable approval unanimously from the local municipality to operate a medical marijuana production plant at the facility.
The highly secure facility boasts a fully engineered concrete floor, 18-foot-high concrete walls and a steel roof making it an ideal location for the construction of a customized, state-of-the-art modern medical marijuana production plant.
Vida Cannabis is working with one of the most experienced cannabis consulting teams in the world, Chicago-based Quantum 9 Inc., which has extensive resources in the United States, Canada and Europe, to establish an optimized end-to-end production plan to help position Vida Cannabis with the largest, most advanced medical marijuana facility in Canada.
Vida Cannabis continues to evaluate additional potential markets as regulatory bodies around the world pass legislation enabling the production and distribution of medicinal or recreational marijuana.
On behalf of the board,
Greg Wilson – Chairman & CEO
Vida Cannabis Corp.
This announcement does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell, a solicitation to purchase, or advice on investments in any securities of Vida Cannabis Corp. (“Vida Cannabis”). Offers and solicitations shall be expressly identified as such and made in compliance with applicable securities laws. This announcement is for information purposes only. It should not be relied upon as a basis for investment decisions. You should consult with your own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of any investments you are considering. Whilst the information provided here is believed to be reliable, it cannot be guaranteed. It may contain forward-looking statements made by or on behalf of Vida Cannabis about its business or financial objectives, position, strategies or expectations. Such forward-looking statements may be identified by words such as, or similar to, “intends,” “anticipates,” “believes,” “expects” and “hopes” and includes, without limitation, the development of production facilities, approval from regulatory authorities and the ability for Vida Cannabis to obtain adequate financing to meet its business objectives. These statements involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated. The statements in this announcement do not guarantee future performance. Vida Cannabis does not undertake any obligation to update any information provided in this announcement. In Canada, Vida Cannabis (Canada) Ltd., a wholly owned subsidiary of Vida Cannabis, must obtain approval from Health Canada in order to operate as a licensed commercial producer under the Marihuana for Medical Purposes Regulations. Vida Cannabis makes no representations or warranties that it will receive Health Canada approval.