Cronos Group Issues Statement on Separately Announced Closing of the IPO of Cronos Australia
October 25 2019 - 4:30PM
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the
“Company”) today noted the separately announced closing of the
AUD$20 million initial public offering of Cronos Australia Limited
(“Cronos Australia”). Under the offering, Cronos Australia issued
40 million new shares at an offering price of AUD$0.50 per share
(the “Cronos Australia IPO”). Cronos Australia expects to start
trading on the Australian Securities Exchange on a deferred
settlement basis on November 7, 2019.
Established in February 2018, Cronos Australia was a 50/50 joint
venture between Cronos Group and NewSouthern Capital Pty Ltd., and
is led by Rodney Cocks and Peter Righetti. At the closing of
the offering, Cronos Group holds approximately 31 percent of the
issued capital of Cronos Australia.
About Cronos Group Inc.Cronos
Group is an innovative global cannabinoid company with
international production and distribution across five
continents. Cronos Group is committed to building disruptive
intellectual property by advancing cannabis
research, technology and product development. With a
passion to responsibly elevate the consumer experience, Cronos
Group is building an iconic brand portfolio. Cronos Group’s
portfolio includes PEACE NATURALS™, a global health and
wellness platform, and two adult-use brands, COVE™ and
Spinach™, and Lord Jones™, a hemp-derived cannabidiol (CBD)
personal care brand. To learn more about Cronos Group and its
brands, please visit: www.thecronosgroup.com;
www.peacenaturals.com; www.covecannabis.ca;
www.spinachcannabis.com; www.lordjones.com.
Forward-Looking Statements This
news release contains “forward‐looking information” and
“forward‐looking statements” within the meaning of applicable
Canadian and U.S. securities laws. All information contained
herein that is not clearly historical in nature may constitute
forward‐looking information. In some cases, forward‐looking
statements can be identified by words or phrases such as “may”,
“will”, “expect”, “plan”, “anticipate”, “intend”, “potential”,
“estimate”, “believe” or the negative of these terms, or other
similar expressions intended to identify forward‐looking
statements. Some of the forward‐looking statements contained
in this press release include the planned listing on the Australian
Securities Exchange, and the Company’s intention to build an
international iconic brand portfolio and develop disruptive
intellectual property. Forward‐looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject
to significant business, economic and competitive risks,
uncertainties (including the marketability of Cronos Australia’s
shares) and contingencies that may cause actual financial results,
performance or achievements to be materially different from the
estimated future results, performance or achievements expressed or
implied by those forward‐looking statements and the forward‐looking
statements are not guarantees of future performance. A
discussion of some of the material risks applicable to the Company
can be found in the Company’s current Management’s Discussion and
Analysis and Annual Information Form, both of which have been filed
on SEDAR and EDGAR and can be accessed at www.sedar.com and
www.sec.gov/edgar, respectively. The forward‐looking
information included in this news release is made as of the date of
this news release and, except as required by law, Cronos Group
disclaims any obligation to update or revise any forward‐ looking
statements. Readers are cautioned not to put undue reliance
on these forward‐looking statements.
Cronos Group ContactAnna Shlimak Tel: (416)
504-0004 investor.relations@thecronosgroup.com
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