Extension of Warrant Term CALGARY, Alberta, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS, SUGR.DB) ("Sugarbud" or the "Company") announces that the Company has submitted an application to the TSX Venture Exchange ("TSXV") to approve the extension of the expiry date of 18,500,000 outstanding common share purchase warrants of the Company issued on November 18, 2019 (the “2019 Private Placement Warrants”), and 16,272,075 outstanding common share purchase warrants of the Company issued on December 20, 2019 (the “2019 Rights Offering Warrants”, and collectively with the 2019 Private Placement Warrants, the “Warrants”). The 2019 Private Placement Warrants and the 2019 Rights Offering Warrants were set to expire on November 18, 2021 and December 20, 2021, respectively. Under the updated terms of the warrant agreement, each Warrant would entitle the holder thereof to subscribe for one common share at an exercise price of $0.10 any time prior to September 14, 2023. Aside from the extension of the expiry date, all other terms of the Warrants will remain unchanged.
The Company believes that the extension of the expiry date of the Warrants is reasonable and necessary in the context of the market, as it increases the likelihood that the Company will be financed through the exercise of the Warrants. The decision to extend the expiry date of the Warrants was unanimously approved by the board of directors of the Company.
The warrant term extension remains subject to approval from the TSXV.
About Sugarbud
Sugarbud is a federally licensed Alberta based craft cannabis company, focused on the cultivation and production of genetically diverse, high quality, select-batch, ultra-premium cannabis products.
https://www.sugarbud.ca/
https://www.globenewswire.com/news-release/2021/11/18/2337740/0/en/Sugarbud-Announces-Extension-of-Warrant-Term.html