INDIVA Becomes a Licensed Producer of Cannabis and Provides TSX-V Update
LONDON, ONTARIO and VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 18, 2017) –
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INDIVA Corporation (“INDIVA” or the “Company”) and Rainmaker Resources Ltd. (“Rainmaker”) (TSX VENTURE:RIR) are delighted to announce that INDIVA’S wholly owned subsidiary, INDIVA Inc., received its cannabis cultivation license from Health Canada on July 14, 2017. This license enables INDIVA to produce medical cannabis under Canada’s Access to Cannabis for Medical Purposes Regulation (“ACMPR”).
“This is a wonderful day in the evolution of INDIVA. Our management team is pleased to have achieved this important milestone and would like to thank all of our partners, employees, shareholders and other stakeholders for their hard work,” said Niel Marotta, CEO of INDIVA.
INDIVA to Close Financing for Up to $15 Million
On June 1, 2017, INDIVA announced its plans to complete a private placement raising up to $15 million to finance the expansion of its indoor GMP-compliant production facility. INDIVA has received approximately $10 million of orders and is expected to close the financing in late July or early August, 2017.
On the closing of the financing, investors will acquire subscription receipts at a price of $0.75 per subscription receipt, each to automatically convert into common shares on the completion of the reverse takeover and change of business transaction between INDIVA and Rainmaker. Sunel Securities is engaged as lead agent and is expected to form a syndicate of investment banks to participate in the Offering.
INDIVA Closes $2.1 Million Convertible Debenture Interim Financing
On June 15, 2017, INDIVA closed the previously announced $2.1 million convertible debenture financing, allowing INDIVA to commence planning its facility expansion. Upon completion of the recently announced maximum $15 million subscription receipt financing (the “Offering”) and RTO transaction, the convertible debenture will automatically convert into common shares in the capital of INDIVA at the Offering price.
INDIVA is a Canadian supplier of high quality, medical grade cannabis. INDIVA’s strain selection, cultivation and client care processes combine the know-how and experience of an internationally recognized and award winning grow-team with GMP-compliant quality assurance standard operating procedures.
INDIVA’s wholly owned subsidiary is a Licensed Producer under Canada’s Access to Cannabis for Medical Purposes Regulation (“ACMPR”) with its first indoor cannabis production facility located in London, Ontario.
INDIVA aims to become a global marijuana brand recognized for high quality cannabis products and excellent client care. As marijuana laws liberalize in Canada, INDIVA will expand its product offering to include safe edibles and other client-friendly cannabis products. In addition, as marijuana laws liberalize internationally, INDIVA will use its Canadian operations as a platform to open new markets for its cannabis products.
DISCLAIMER & READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Transaction and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to complete the business combination and concurrent financing. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to obtain the necessary corporate, regulatory and other third parties approvals; licensing and other risks associated with regulated ACMPR entities; financing and execution risk; competition; and completion of satisfactory due diligence. There is no assurance that the business combination or financing will be completed on the terms or within the timeframe set forth herein or at all. The forward looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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