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TORONTO, March 06, 2018 (GLOBE NEWSWIRE) -- Maricann Group Inc. (CSE:MARI) (OTCQB:MRRCF) (FRANKFURT:75M), “Maricann” or the “Company”) is pleased to announce that it has obtained a receipt for an amended & restated preliminary short form prospectus (the "Prospectus") filed in each of the Provinces of Ontario, British Columbia, Alberta, Saskatchewan and New Brunswick (the “Qualifying Jurisdictions”) in connection with the qualification of 21,131,250 common shares and 10,565,625 warrants issuable upon deemed exercise of 20,125,000 previously issued special warrants.
The Company raised aggregate gross proceeds of $40,250,000 pursuant to the offering of special warrants which closed on January 9, 2018.
The Company remains committed to continue efforts to complete the prospectus qualification process for the distribution of the units underlying the 20,125,000 special warrants. As previously announced each special warrant will entitle the holder to receive, upon the exercise thereof, for no additional consideration, 1.05 units (instead of one (1) unit) provided, however, that any fractional entitlement to such units will be rounded down to the nearest whole unit. There is no assurance that a final short form prospectus will be filed or that a receipt therefor will be issued by the securities regulatory authorities in the Qualifying Jurisdictions prior to the expiry of the statutory four month hold period on May 10, 2018.
A copy of the Prospectus and receipt therefor are available on SEDAR under the Company's profile at www.sedar.com.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The company was founded in 2013 and is based in Toronto, Canada and Munich, Germany, with production facilities in Langton, Ontario, Canada where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. and Dresden, Saxony, Germany. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) build out, capable of producing 95,000 kg of dry cannabis flower per year to support existing and future patient growth.
For more information about Maricann, please visit our website at www.maricann.ca
Forward Looking Information
Certain statements in this document, including statements with respect to the special warrants and the prospectus qualification, contain forward-looking statements which can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “desires”, “will”, “should”, “projects”, “estimates”, “contemplates”, “anticipates”, “intends”, or any negative such as “does not believe” or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to the special warrants and the prospectus qualification and future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management’s control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events to differ from current expectations include, among other things: uncertainties with respect to clearing all regulatory comments in connection with the prospectus qualification; obtaining all regulatory approvals in respect tereof; fluctuations in operating results; the impact of general economic, industry and market conditions; the ability to recruit and retain qualified employees; fluctuations in cash flow; increased levels of outstanding debt and obligations under a capital lease; expectations regarding market demand for particular products and the dependence on new product development; the impact of market change; the impact of price and product competition; and other risks as set out in the Company’s latest annual information form, the Prospectus and other continuous disclosure documents filed under the Company’s profile at www.maricann.ca. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
Contact information:
Investor Relations:
Graham Farrell
Director of Investor Relations
graham@maricann.com
647-643-7665
Corporate Headquarters (Canada)
Maricann Group Inc. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
Canada
289-288-6274
European Headquarters (Germany)
Maricann GmbH
Thierschstrasse 3, 80538 Munchen, Deutschland
The Canadian Securities Exchange has not reviewed, approved or disapproved the
content of this news release.