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VANCOUVER, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- RavenQuest BioMed Inc. (CSE:RQB) (OTCQB:RVVQF) (Frankfurt:1IT) (the “Company” or “RavenQuest”) announces that it will conduct a non-brokered private placement of up to 7,142,857 units (each, a “Unit”) at a price of CDN $0.70 per Unit to raise an aggregate CDN $5,000,000 (the “Financing”).
Each Unit will consist of one common share in the equity of the Company and one share purchase warrant (the “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CDN $0.90 per share for a period of three (3) years from the closing of the Financing, subject to accelerated expiry in the event the closing price of the Company’s shares is greater than CDN$2.00 for ten consecutive trading days.
The proceeds of the Financing will be used for advancement of the Western Agripharma and Fort McMurray facilities and general corporate purposes. The Company may pay finder's fee to qualified finders in respect to the Financing. Securities issued as a result of the Financing will be subject to a statutory hold period.
About RavenQuest BioMed Inc.
RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development.
RavenQuest is a licensed producer with facilities located in Markham, Ontario and Edmonton, Alberta, whose combined annual production will total 11,000 kg beginning in late 2018.
RavenQuest maintains a research partnership with Montreal's McGill University focussed upon cultivar (strain) recognition, plant stabilization and yield maximization of the cannabis plant.
The Company focusses on partnerships with Indigenous communities and has announced an MOU to construct a 250,000 square foot cannabis production facility on sovereign land of Fort McMurray First Nation #468. The facility, using RavenQuest's revolutionary grow methodology, Orbital Garden 2.0, will produce 50,000 kg of cannabis annually.
RavenQuest has also recently announced an LOI to acquire Western Agripharma Ltd., a late stage application with a 125,000 square foot facility under construction on British Columbia's sunshine coast, a short ferry ride from Vancouver, BC. Upon completion, the facility will produce 25,000 kg of cannabis annually.
On Behalf of the Board of Directors of
RAVENQUEST BIOMED INC.
"George Robinson"
Chief Executive Officer
For further information, please contact: Mathieu McDonald, Corporate Communications
604-484-1230
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including statements with respect to completion of the Financing. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.