/NOT FOR DISSEMINATION IN THE UNITED STATES OR
FOR DISTRIBUTION TO UNITED STATES
WIRE SERVICES/
Previously announced ATM program,
strengthens the Company's balance sheet and positions Fire &
Flower for future growth
TORONTO, Feb. 10, 2021 /CNW/ - Fire & Flower
Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF)
(OTCQX: FFLWF) today announced that it has completed its announced
at-the-market equity financing program previously announced on
December 3, 2020 (the "ATM Program").
Under the ATM Program, the Company sold an aggregate of 16,568,400
common shares between December 2,
2020 and February 9, 2021. The
common shares were sold at prevailing market prices for aggregate
gross proceeds of approximately $15,000,000.
Distributions of the common shares through the ATM Program were
made pursuant to the terms of an equity distribution agreement
dated December 2, 2020 between the
Company and ATB Capital Markets Inc.
The Company expects to use the net proceeds from the ATM Program
for general corporate purposes, working capital needs and capital
expenditures.
The offering under the ATM Program was made pursuant to a
prospectus supplement dated December 2,
2020 (the "Prospectus Supplement") to the Company's short
form base shelf prospectus and amended and restated short form base
prospectus dated November 24, 2020
(the "Base Shelf Prospectus"). The Prospectus Supplement and the
Base Shelf Prospectus are available on the SEDAR website maintained
by the Canadian Securities Administrators at www.sedar.com.
No securities regulatory authority has either approved or
disapproved of the contents of this press release. This press
release is for information purposes only and does not constitute an
offer to sell or the solicitation of an offer to buy the common
shares, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Fire & Flower
Fire & Flower is a
leading purpose-built, independent adult-use cannabis
retailer focused on the Canadian market and international expansion
opportunities. The Company guides consumers through the complex
world of cannabis through education-focused, best-in-class
retailing while the HifyreTM digital platform
connects consumers with cannabis products. The Company's leadership
team combines extensive experience in the cannabis industry with
strong capabilities in retail operations.
Fire & Flower is a multi-banner cannabis retail operator
that owns and operates the Fire & Flower™, Friendly Stranger™,
Happy Dayz™ and Hotbox™ brands.
Fire & Flower Holdings Corp. owns all issued and outstanding
shares in Fire & Flower Inc. and Friendly Stranger Holdings
Corp., licensed cannabis retailers that own and operate
cannabis retail stores in the provinces of Alberta, Saskatchewan, Manitoba and Ontario, and the Yukon territory.
Through the strategic investment of Alimentation
Couche-Tard Inc. (owner of Circle K convenience stores), the
Company has set its sights on the global expansion as new cannabis
markets emerge.
Cautionary Note Regarding Forward-Looking Information and
Statements
This news release contains certain forward-looking information
within the meaning of applicable Canadian securities laws
("forward-looking statements"). All statements other than
statements of present or historical fact are forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "anticipate", "achieve",
"could", "believe", "plan", "intend", "objective", "continuous",
"ongoing", "estimate", "outlook", "expect", "project" and similar
words, including negatives thereof, suggesting future outcomes or
that certain events or conditions "may" or "will" occur. These
statements are only predictions. Forward-looking statements in this
news release include use of proceeds.
Forward-looking statements are based on the opinions and
estimates of management of Fire & Flower at the date the
statements are made based on information then available to the Fire
& Flower. Various factors and assumptions are applied in
drawing conclusions or making the forecasts or projections set out
in forward-looking statements, including with respect to the market
trends and conditions. Forward-looking statements are subject to
and involve a number of known and unknown, variables, risks and
uncertainties, many of which are beyond the control of Fire &
Flower, which may cause Fire & Flower's actual performance and
results to differ materially from any projections of future
performance or results expressed or implied by such forward-looking
statements. Such factors, among other things, include:
final regulatory and other approvals or
consents; fluctuations in general macroeconomic conditions;
fluctuations in securities markets; the impact of the COVID-19
pandemic; the ability of the Company to successfully
achieve its business objectives and political and social
uncertainties.
No assurance can be given that the expectations reflected in
forward-looking statements will prove to be correct. Although
the forward-looking statements contained in this news release are
based upon what management of the Company believes, or believed at
the time, to be reasonable assumptions, the Company cannot assure
shareholders that actual results will be consistent with such
forward-looking statements, as there may be other factors that
cause results not to be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward-looking
statements and information contained in this news release.
Additional information regarding risks and uncertainties relating
to the Company's business are contained under the heading "Risk
Factors" in the Company's annual information form dated
April 29, 2020 , the Prospectus
Supplement and the Base Shelf Prospectus, and the heading "Risks
and Uncertainties" in the management discussion and analysis for
the thirteen and thirty-nine weeks ended October 31, 2020 filed on its issuer profile on
SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
SOURCE Fire & Flower Holdings Corp.