TORONTO, May 08, 2018 (GLOBE NEWSWIRE) -- Emblem Corp. (TSXV:EMC) (EMC.WT) ("Emblem" or the "Corporation") announces that it has agreed to issue an aggregate of 482,758 common shares in the capital of Emblem (the “Common Shares”) to a former shareholder (the "Dissenting Shareholder") of Emblem’s predecessor KindCann Holdings Limited (“KindCann”).
The Common Shares will be issued in settlement of statutory rights of dissent exercised by the Dissenting Shareholder in 2015 in respect of 2,000,000 Class A preferred shares of KindCann held by the Dissenting Shareholder. The Dissenting Shareholder exercised the statutory rights of dissent in connection with the amendment of KindCann’s articles to amend the share conditions attached to KindCann’s Class A preferred shares to provide KindCann’s board of directors with the discretion to pay the annual cash dividend afforded to the Class A preferred shares through the issuance of KindCann common shares.
In connection with the issuance of the Common Shares, Emblem and the Dissenting Shareholder have entered into a settlement agreement pursuant to which, subject to the issuance of the Common Shares, the Dissenting Shareholder has provided a full and final release in favour of Emblem. Pursuant to the settlement agreement, the Common Shares will be issued at a price of $1.45 per share. The issuance of the Common Shares is subject to receipt of final approval of the TSX Venture Exchange.
About Emblem
Emblem Corp. is a fully integrated licensed producer and distributor of medical cannabis and cannabis derivatives in Canada under the ACMPR (Access to Cannabis for Medical Purposes Regulations). Led by a team of cannabis experts and former health care and pharma executives, it has three distinct verticals – cannabis production, patient education centers, and pharmaceutical dosage form development. Emblem trades under the ticker symbol “EMC” on the TSX Venture Exchange.
For further information contact:
Ethan Karayannopoulos
Investor Relations
Emblem Corp.
647.748.9696
ethank@emblemcorp.com
Alex Stojanovic
Chief Financial Officer
Emblem Corp.
416.923.1331
alexs@emblemcorp.com
Forward-looking statements
This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation (together, "forward-looking statements"), including statements regarding the settlement and the approval of the TSX Venture Exchange. All statements and information contained herein that is not clearly historical in nature may constitute a forward-looking statement. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements.
Forward-looking statements are not a guarantee of future performance and are subject to and involve a number of known and unknown risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks identified in the Company's annual information form dated October 18, 2017 which has been filed with the Canadian Securities Administrators and is available on www.sedar.com. Any forward-looking statements contained herein are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements. This news release contains information obtained by the Company from third parties and believes such information to be accurate but has not independently verified such information.
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.