VICTORIA, BC, Sept. 21, 2016 /CNW/ - Emerald Health
Therapeutics Inc. (TSXV: EMH) ("Therapeutics") announced
today that it has completed the private placement (the
"Offering") of 4,077,687 units (a "Unit") of the
Company with Emerald Health Sciences Inc. ("Sciences"), a
creditor and major shareholder of Therapeutics at a price of
$0.205 per Unit which was previously
announced in a press release dated August 8,
2016. Each Unit will consist of one common share and one
common share purchase warrant (a "Warrant"). Each
Warrant will entitle the holder thereof to acquire an additional
common share at a price of $0.27 per
share for a period of two years from the closing date.
The Company has also completed the issuance of 4,494,955 common
shares at a deemed price of $0.205
per share to Sciences pursuant to a debt settlement agreement (the
"Agreement") as announced in a press release dated
August 8, 2016 and as approved by the
TSX Venture Exchange. The total amount of indebtedness settled by
the Agreement was $921,465 incurred
pursuant to a previously announced loan agreement and for
management services.
In accordance with applicable securities laws, the common shares
(the "Shares") issued to Sciences are subject to a 4-month
hold period from the date of issuance. As a result of the issuance
of the Shares to Sciences, Sciences now holds an aggregate of
39,030,937 Shares, representing 62.2% of the issued and outstanding
common shares of Therapeutics. Assuming the exercise of the
Warrants, Sciences would hold an aggregate of 43,108,624 Shares
representing approximately 64.5% of the issued and outstanding
common shares of Therapeutics (on a partially-diluted basis giving
effect only to the exercise of the Warrants).
Emerald Health Therapeutics Inc.
Emerald Health Therapeutics wholly owns Emerald Health
Botanicals. Emerald Health Botanicals holds a License under the
Access to Cannabis for Medical Purposes Regulations (Canada) to cultivate and sell medical cannabis
out of its facility located in Victoria,
British Columbia. It also holds a Supplemental License to
produce and sell medical cannabis oils.
ON BEHALF OF THE BOARD
"Avtar Dhillon"
Executive Chairman
Neither the 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.
SOURCE Emerald Health Therapeutics, Inc.