Auxly Congratulates Strategic Partner Inner Spirit on Initial Public Offering and Files Early Warning Report
01 August 2018 - 5:54PM
InvestorsHub NewsWire
Auxly Congratulates
Strategic Partner Inner Spirit on Initial Public Offering and Files
Early Warning Report
Toronto, ON
-- August 01, 2018 -- InvestorsHub NewsWire -- Auxly
Cannabis Group Inc. (TSX.V - XLY)
("Auxly"), is pleased to announce that its
strategic down-stream retail partner Inner Spirit Holdings Ltd.
("Inner Spirit"), has received all of the
necessary exchange and regulatory approvals to commence trading
publicly on the Canadian Securities Exchange under the symbol
“ISH” as of August 1, 2018.
Pursuant to
the requirements of National Instrument 62-103 - The Early
Warning System and Related Take-Over Bid and Insider Reporting
Issues and applicable Canadian securities legislation, Auxly
announces that in connection with the completion by Inner Spirit of
its initial public offering on July 31, 2018 (the
"IPO"), Auxly has acquired 7,058,824 units of
Inner Spirit, with each unit consisting of one common share of
Inner Spirit (each a "Common Share") and one-half
of one Common Share purchase warrant of Inner Spirit (for a total
of 3,529,412 warrants) in consideration for an aggregate purchase
price of $1,058,823.60, with each warrant entitling the holder to
purchase one Common Share at an exercise price of $0.30 per Common
Share for a period of 24 months from the date of issuance. Auxly
acquired the aforementioned securities pursuant to the exercise of
pre-emptive rights granted to it under the terms of a strategic
alliance agreement dated January 8, 2018 between Auxly and Inner
Spirit. Following the completion of the IPO, Auxly owns 25,941,177
Common Shares of Inner Spirit, representing approximately 15% of
the issued and outstanding Common Shares of Inner Spirit, and
warrants to purchase an aggregate of 4,191,177 Common Shares of
Inner Spirit.
The Common
Shares were acquired by Auxly for investment purposes. Auxly will
evaluate its investment in Inner Spirit from time to time and may,
depending on various factors including, without limitation, Inner
Spirit's financial position, the price levels of the Common Shares
of Inner Spirit, conditions in the securities markets and general
economic and industry conditions, Inner Spirit's business or
financial condition, and other factors and conditions that Auxly
may deem appropriate, increase, decrease or change its ownership
over the Common Shares or other securities of Inner Spirit in the
future but has no current plans or future intentions to do
so.
An early
warning report pursuant to the requirements of applicable
securities laws has been issued by Auxly and is posted to www.sedar.com and is available on request at the
number and address below.
Further
information on the Initial Public Offering can be found in Inner
Spirit’s final prospectus, dated July 20, 2018, filed under Inner
Spirit’s profile on SEDAR at www.sedar.com.
ON BEHALF OF
THE BOARD
"Chuck
Rifici" Chairman & CEO
About Auxly
Cannabis Group Inc. (XLY.V)
Auxly
Cannabis Group is a collective of entrepreneurs with a passion for
the cannabis industry past, present and future. Our mandate is to
facilitate growth for our partners by providing them with financial
support and sharing our collective industry experience. Our
partners all have different visions, voices and brand values, and
all share a common goal—to build a world-class industry based on
ethics, diversity, quality and innovation.
Investor
Relations:
For more information about investing in Auxly Cannabis Group or to
obtain a copy of the early warning report filed by Auxly, please
visit: http://www.auxly.com or contact
our Investor Relations Team:
Email:
ir@auxly.com
Phone: 1-833-695-2414
Stay
Connected:
Follow up on Twitter @Auxlygroup
Media Enquiries
(only):
For media enquiries or to set up an interview please contact:
Sarah Bain, VP External Affairs
Email: sarah@auxly.com
Phone: 613.230.5869
Neither
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.
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