THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) announced today that it has closed its previously announced bought deal financing of units (the “Units”) at a price of $1.65 per Unit (the “Offering Price”) for aggregate gross proceeds of $50,077,500 (the “Offering”).
Each Unit consists of one common share (a "Common Share") and one-half of one common share purchase warrant (each full common share purchase warrant, a "Warrant") of the Company. Each Warrant is exercisable to acquire one Common Share for a period of three years at an exercise price of $2.15 per Common Share, subject to adjustment in certain events. In the event that the volume weighted average trading price of the Common Shares for 10 consecutive trading days exceeds $3.25, the Company shall have the right to accelerate the expiry date of the Warrants upon not less than 30 days' notice.
The Units were offered and sold by way of a short form prospectus filed in each of the provinces of Canada, other than Quebec, and offered and sold elsewhere outside Canada on a private placement basis. The Company intends to use the net proceeds from the Offering for expansion of its facility at 138, 8th Concession Road in Langton, Ontario and for working capital and general corporate purposes.
The Offering was completed by a syndicate of underwriters led by Canaccord Genuity Corp. and including Haywood Securities Inc., AltaCorp Capital Inc., and GMP Securities L.P. (collectively, the “Underwriters”).
The Company granted the Underwriters an over-allotment option to purchase up to an additional 4,552,500 Units at the Offering Price, exercisable in whole or in part, at any time and from time to time on or prior to November 30, 2018. The over-allotment option may be exercised to acquire Units, Common Shares and/or Warrants of the Company. If the over-allotment option is exercised in full, an additional $7,511,625 in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be $57,589,125.
The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Maricann Group Inc., through its subsidiaries, is operating under the Wayland Group name. For further details see the press release dated September 24, 2018.
About Wayland Group
Wayland is a vertically integrated producer and distributor of marijuana for medical purposes. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany and Regensdorf, Switzerland.
Forward Looking Information
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
For more information about Wayland, please visit our website at www.waylandgroup.com
Contact Information:
Investor Relations
Graham Farrell
VP, Communications
Graham.farrell@waylandgroup.com
647-643-7665
Corporate Headquarters (Canada)
Wayland Group Corp. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
Canada
289-288-6274
European Headquarters (Germany)
Maricann GmbH
Thierschstrasse 3, 80538 Munchen, Deutschland