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STRATHROY, Ontario, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (“Eve & Co” or the “Company”) (TSXV: EVE; OTCQX: EEVVF) is pleased to announce the closing of a private placement of 2,777,778 units (the “Units”) of the Company at a price of $0.18 per Unit for gross proceeds of $500,000 (the “Private Placement”).
Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”), with each Warrant being exercisable into one Common Share at an exercise price of $0.25 for a period of two years from closing.
In connection with the Private Placement, the Company and a multi-national medical cannabis company, being the sole purchaser in the Private Placement, have agreed to negotiate the terms of a lease of a portion of the cultivation area in the Company’s Strathroy facility and processing in the EU GMP certified area of the facility. The execution of the lease is subject to certain conditions, and its final details will be provided by the Company after execution by the parties.
“We are excited about this partnership which aligns with Eve’s focus on expanding and growing into foreign markets. We believe this strategic alliance will be a great asset, as we continue to focus on achieving the highest quality product on a large scale with consistency and reliability for the foreign markets,” said Melinda Rombouts, CEO and President of Eve & Co Incorporated.
The net proceeds from the Private Placement are intended to be used for working capital and general corporate purposes. All securities issued in the Private Placement are subject to statutory hold periods until the date that is four months and one day from the date of issuance. All dollar amounts in this news release are denominated in Canadian dollars.
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extraction of cannabis oil and has received EU GMP certification. Natural MedCo Ltd. was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation license from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed 1,000,000 square foot greenhouse located in Strathroy, Ontario.
The Company’s website can be visited at www.evecannabis.ca.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding forward looking statements:
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s expected use of proceeds, opportunities for growth, future, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict, including those described in the Company’s management’s discussion and analysis for the three and six month periods ended June 30, 2021 which is available on the Company’s SEDAR profile. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release. The Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities law.
For further information, please contact:
Melinda Rombouts
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337
