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VANCOUVER, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Body and Mind Inc. (CSE:BAMM) (OTC:BMMJ), (the “Company” or “BAM”) would like to provide a clarification, due to a number of inquiries from shareholders, of the implied value for the Company as it relates to the Letter of Intent (“LOI”) signed with Friday Night Inc. (“TGIF”). The Company’s common shares issued and outstanding at the date of signing the LOI was 47,704,269. On December 20, 2017, the date the LOI was executed, the closing share price of Friday Night Inc. was CAD $1.00 per share. The LOI contemplates TGIF issuing 115,000,000 common shares to the BAM shareholders plus such additional shares as may be issuable upon exercise of currently issued convertible securities of the Company. Based on the above, the implied value of the transaction equates to approximately 2.4 TGIF shares or CAD $2.40 per common share of BAM, based on yesterday’s closing prices of both issuers.
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 release.
For further information regarding Body and Mind Inc. please contact:
Darren Tindale
604-376-3567
stonerockltsd@gmail.com
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including the inability of the Company to obtain shareholder and exchange approval, or to raise additional equity as well as the various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. Body and Mind Inc. undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law or the Canadian Securities Exchange.
We seek safe harbour.