(MENAFNEditorial) TORONTO, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Lineage Grow Company Ltd. (the "Company" or "Lineage") wishes to provide an update in relation to certain securities related matters, and a correction to Broker Warrants previously issued.
Warrant Extension
On November 10, 2017, the Company's Board of Directors passed a resolution extending the term of the common share purchase warrants ('Warrants'), issued pursuant to private placements on November 16, 2016 and December 9, 2016, as well as a debt settlement on December 12, 2016 (the 'Warrant Extension'). The terms of the Warrant Extension are as follows: if not exercised by their original expiry date, the expiry date of the warrants will be extended for a further 12 month period. This extension is subject to an 8-month legend for resale of the share(s) beginning on the original expiry date. Any Warrants exercised prior to the original expiry date will not be legended.
SIDEX Debenture Extension
On November 2, 2017, the Company extended the maturity date of the $50,000 unsecured, convertible debenture (the "SIDEX Debenture") to March 16, 2019 and changed the conversion price to $0.25.
Broker Warrant Correction
The Company wishes to correct the terms of the Broker Warrants to be issued pursuant to the Concurrent Financing which was announced on October 31, 2017. The press release announcing that the Concurrent Financing originally stated that each Broker Warrant ('Broker Warrant'), to be issued on closing of the Concurrent Financing, shall entitle the holder to purchase one Common Share at a price of $0.25 per share, exercisable for a period of 24 months. The correct terms of the Broker Warrants are such that each Broker Warrant shall entitle the holder to purchase one unit at a price of $0.25 per unit, exercisable for a period of 24 months. Each unit will consist of one (1) common share and one-half (1/2) of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $0.325 per exercisable for a period of 24 months.
About Lineage Grow Company Ltd.
Lineage Grow Company Ltd. is a reporting issuer that is conditionally approved to list on the Canadian Securities Exchange ("CSE"). Lineage is focused on establishing, either directly or through joint venture with licenced producers, state-of-the-art cultivation facilities and a view towards developing a dominant brand of premium quality craft cannabis. Lineage is seeking to deploy advanced cultivation techniques and best-of-breed genetics to develop brands of craft cannabis known for emphasizing the unique flavors, smells, and potencies of each individual strain. By leveraging cutting edge agricultural and technological solutions, Lineage intends to optimize the variable costs associated with cannabis cultivation and successfully produce craft cannabis at an commercially viable industrial scale.
For further information, please contact:
David Drutz, CEO
Lakeside Minerals Inc.
(416) 479-4142
Email:
This news release contains forward-looking statements and information based on current expectations. Generally, forward looking information can be identified by the use of forward looking terminology such as "plans", "expects", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward looking information in this press release includes the expected terms of the Broker Warrants; management's expectation on meeting CSE conditional approval and listing of the Common Shares on CSE; management's plan to develop dominant brand of premium quality craft cannabis; and management's intention to successfully produce craft cannabis at an commercially viable industrial scale. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by applicable securities laws.
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