Maple Leaf Seeks New $6M Financing and Terminates Previous Offering

Date : 03/17/2017 @ 5:14PM
Source : PR Newswire (Canada)
Stock : Maple Leaf Green World (MGW)
Quote : 0.55  -0.02 (-3.51%) @ 3:59PM

Maple Leaf Seeks New $6M Financing and Terminates Previous Offering

Maple Leaf Green World Inc. (TSXV:MGW)
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(TSX-V: MGW,  OTCQB: MGWFF)
March 17, 2017  - $0.54

CALGARY, March 17, 2017 /CNW/ - Maple Leaf Green World (MGW-V) ("Maple Leaf" or the "Company") announces that it intends to raise up to CAD $6 million in capital by way of a non-brokered private placement to accredited investors. The proposed private placement consists of an offering of up to 11 million units at a subscription price of $0.55per unit, each unit being comprised of one common share and one common share purchase warrant (the "Offering").  Each warrant issuable in connection with the Offering will be exercisable at a price of $0.85 for a period of two years after closing. The minimum subscription for the Offering is 19,000 units. Although the private placement is non-brokered, Maple Leaf reserves the right to pay finder's fees in connection with the Offering.  Any securities issued pursuant to this Offering will be subject to restrictions on resale for a specified period of not less than four months after closing.

The Company intends to use the net proceeds of the Offering for the Company's medical marijuana project in Canada and for working capital. This non-brokered private placement is subject to review and acceptance by the TSX Venture Exchange.

The Company wishes to confirm it will not be proceeding with its proposed non-brokered private placement of $5 million at $0.70 per unit (first announced on February 7, 2017) due to, among other things, recent positive changes in prospects of its ACMPR application in Canada.

For further information regarding Maple Leaf Green World Inc., please visit the www.mlgreenworld.com.

About Maple Leaf Green World Inc.

Maple Leaf Green World Inc. is a public Canadian company that focuses on the cannabis industry in North America. With over 10 years of extensive greenhouse management experience, it applies its eco- agriculture knowledge and cultivation technology to produce contaminant -free organic cannabis products.  The Company is currently involved in three cannabis projects:

  1. Canada – The Company has applied for an ACMPR license for an 80,000 sq ft greenhouse complex in B.C. in August 2014 and is now in Stage 5 (Review) with Health Canada.
  2. California – The Company is in a joint venture with a Non- Profit Co-Op to cultivate cannabis for its members.  The Company owns 20 acres of land and has 2 greenhouses in production since September 2016.  The site on which the joint venture operates has capacity for additional greenhouses.  Maple Leaf is also applying for a cultivation license in the San Diego area.
  3. Nevada – The Company is in the process of acquiring a cultivation permit for a 33,500 sq ft facility from an existing licensee and has plans for a facility operating in the city of Henderson, 15 miles from Las Vegas.

 

Maple Leaf's long-term objective is to produce cannabis oil and export its products to approved countries.

Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may", "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by Maple Leaf. There is no assurance that sufficient financing can be raised or that permits will be available to allow the Company to carry out its current projects on a timely basis.

Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the marijuana industry and the status of, and ability to capitalize on, opportunities available to the Company as well as the business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and may affect Maple Leaf's operations, including, but not limited to: the impact of general economic conditions; industry conditions; the availability of equity or debt financing; government and regulatory developments including availability of requisite licenses; product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them do occur, what benefits Maple Leaf will derive therefrom.

 

SOURCE Maple Leaf Green World Inc.

Copyright 2017 Canada NewsWire

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