Vancouver, British Columbia--(Newsfile Corp. - May 1, 2019) - Benchmark Botanics Inc. (CSE: BBT) (OTC: BHHKF) (FSE: BBW) ("Benchmark" or the "Company").
Benchmark is pleased to announce that it intends to complete a non-brokered private placement for aggregate gross proceeds of $12,000,000 (the "Private Placement") with arm's-length parties and certain existing shareholders who have agreed to subscribe by issuing 30,000,000 units of the Company's securities (the "Units") at $0.40 per Unit (the "Subscription Price"). The Subscription Price represents a 5% discount to Benchmark's closing share price on April 30, 2019. Each Unit is comprised of one common share of the Company (each, a "Share") and one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall be exercisable into one Share at a price of $1.00 for a period of 24 months from the closing date of the Private Placement. All of the Units, Shares and Warrants will be subject to a restricted period of four months and one day from the date of closing of the Private Placement.
The Company intends to use the proceeds from the sale of the Units for general working capital purposes and the costs of setting up the Company's extraction operations. The Private Placement is subject to acceptance by the Canadian Securities Exchange.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Benchmark Botanics Inc.
Benchmark Botanics is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical, and recreational markets in Canada and the EU. The Company's business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp in China and throughout Asia.
Benchmark Botanics is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company's global footprint.
Benchmark Botanics' 100% owned subsidiary, Potanicals Green Growers Inc. is a Health Canada licensed producer under the Cannabis Act and its regulations (formerly ACMPR). The Company is producing at its indoor Peachland Cannabis Complex and is in the design stage for a Phase II expansion there. Along with cultivation and production, the company's Peachland BC facility also provides propagation, cultivation, cloning, storage, research and development, genetics and is progressing towards CBD oil extraction and an EU-GMP certification.
As part of its expansion strategy the company is building a second facility, a 4-acre Pitt Meadows Greenhouse Operation in BC through a joint venture (earn-in agreement) with 1139000 BC Ltd.
The Company has established several European Union partnerships including the rights to "The Bulldog" trademark in Canada. The Bulldog trademark has a long-established successful history as one of the most well-known cannabis cafe brands in Amsterdam and around the world.
Benchmark Botanics has also established a German commercial partnership to potentially export the Company's products into the EU markets.
For further information, please visit the Company's website at www.benchmarkbotanics.com or the Company's profile at www.sedar.com.
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