MYM becomes sole shareholder of CannaCanada Mr. Robin Linden reports
MYM BECOMES SOLE SHAREHOLDER OF CANNACANADA INC. AND CLOSES NON-BROKERED PRIVATE PLACEMENT
Further to the company's press release dated July 2, 2020, MYM Nutraceuticals Inc. would like to correct its disclosure to clarify that, in addition to acquiring the remaining shares of Sublime Culture Inc,, the company also acquired 30,000 common shares, being the final remaining 3 per cent, of CannaCanada Inc. The company now owns 100 per cent of CannaCanada as well as 100 per cent of Sublime Culture.
The Company also announces it has issued 1,428,571 units in non-brokered private placement at price of $0.0525 per unit for gross proceeds of $75,000. There were no finders' fees payable on this tranche.
The offering was priced in the context of the market based on a price reservation made by the Company with the Canadian Securities Exchange ("CSE"). The private placement is subject to the approval of the CSE and the securities will be subject to a four-month hold period under securities laws. The Company intends to use the net proceeds from the private placement for working capital purposes.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.0875 for a period of three years from the issue date. The warrants are subject to an acceleration provision that allows the Company to give notice of an earlier expiry date if the Company's share price on the Canadian Securities Exchange (or such other stock exchange the Company may be trading on) is equal or greater than $0.175 for a period of 10 consecutive trading days.