VANCOUVER, BC, Sept. 24, 2021
/CNW/ - Kiaro Holdings Corp. (TSXV: KO) ("Kiaro'' or the
"Company"), a national omni-channel cannabis retailer and wholesale
distributor, is pleased to announce that further to its annual
and special shareholders meeting held on September 9, 2021 and its news release dated
September 10, 2021, the Company
will issue an aggregate of 1,333,333 common shares in the capital
of the Company ("Kiaro Shares") in lieu of cash to certain
directors and officers of the Company on or about September 24, 2021, on account of the services
provided by them to the Company over the course of the Company's
history since its listing on the TSX Venture Exchange.
The Company received overwhelming support from its shareholders
for the issuance of these common shares – approximately 99.9% of
the disinterested shareholders voted in favour of the issuance.
812,500 Kiaro Shares will be issued with a deemed price of
$0.144 per Kiaro Share, and an
aggregate of 520,833 Kiaro Shares will be issued with a deemed
price of $0.10. For more information,
please see the Company's management information circular dated
August 9, 2021, available under the
Company's corporate profile on SEDAR (www.sedar.com).
Issuance Approvals
The issuance has largely received
all necessary regulatory approvals with only certain customary
post-closing deliverables required to applicable regulators.
Kiaro Holdings Corp.
Based in Vancouver, British Columbia, Kiaro is an
independent, omni-channel cannabis retailer and distributor.
Through existing storefronts across British Columbia, Saskatchewan, Ontario and with the completion of the recent
acquisition of Hemisphere Cannabis from Aegis Brands, Kiaro has 16
stores in operation and another two expected by Q1 of 2022. This is
in addition to a wholesale distribution division servicing
Saskatchewan; ecommerce sites in
Canada, the US and Australia; and plans for continued national
expansion. Kiaro is driven to introduce new and experienced
consumers to a lifelong exploration of cannabis. With more than 70
years of collective retail and wholesale focused experience,
Kiaro's leadership team has a proven track record of growing brands
across North America and plans to
open multiple retail locations nationwide over the coming
years.
Forward-Looking Information
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Kiaro, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: completion of the issuance and the
timing and amount of any issuance of the Company's common shares.
Forward-looking statements should not be read as guarantees of
future performance or results, and will not necessarily be accurate
indications of whether, or the times at or by which, such future
performance will be achieved. No assurance can be given that any
events anticipated by the forward-looking information will
transpire or occur. Forward-looking information is based on
information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Kiaro's control. These risks,
uncertainties and assumptions include, but are not limited to,
those described in the Kiaro Filing Statement dated September 29, 2020, a copy of which is available
on SEDAR at www.sedar.com, and could cause actual events or results
to differ materially from those projected in any forward-looking
statements. Furthermore, any forward looking information with
respect to future expansion plans is subject to the qualification
that management of Kiaro may decide, and the assumptions that any
construction or conversion would not be cost prohibitive, required
permits will be obtained and the labour, materials and equipment
necessary to complete such construction or conversion will be
available. Accordingly, readers should not place undue reliance on
the forward-looking statements and information contained in this
news release. Kiaro does not intend, nor undertake any obligation,
to update or revise any forward-looking information contained in
this news release to reflect subsequent information, events or
circumstances or otherwise, except if required by applicable
laws.
Neither TSX Venture Exchange nor 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.
For more information, visit: investors.kiaro.com
Daniel Petrov
Chief Executive Officer
SOURCE Kiaro Holdings Corp.