SMITHS FALLS, ON, Oct. 11, 2016 /CNW/ - Canopy Growth
Corporation (TSX: CGC) ("Canopy Growth" or the "Corporation")
announced that it has renewed the engagement agreement
("agreement") with XIB Consulting Inc. ("XIB") that the Corporation
announced on April 7, 2016.
Under the agreement, XIB will continue to assist Canopy Growth
with corporate development initiatives including, but not limited
to, acquisitions, strategic networking and market
awareness.
Subject to the approval of the TSX Exchange (the "TSX") and
pursuant to the agreement, which has a term of three months, Canopy
Growth shall satisfy the engagement fee payable to XIB by issuing
18,899 of Common Shares in the capital of the Corporation to XIB,
which may be credited against incremental success fees payable
under certain circumstances. Per the terms of the renewal
agreement, the share issue price was determined using a 5-day
Volume Weighted Average Price calculation based the 5 days prior to
the execution date of the renewal agreement. The renewal
agreement was executed on September
29, 2016. The Common Shares will be issued at a price
of $ 3.97 per share.
The appointment of XIB as a consultant of the Corporation and
the corresponding share issuance remains subject to standard
regulatory acceptance of applicable filings with the TSX.
About Canopy Growth Corporation
Canopy Growth is a
world-leading diversified cannabis company, offering diverse brands
and curated cannabis strain varieties in dried and oil extract
forms. Through its wholly-owned subsidiaries, Tweed, Tweed
Farms, and Bedrocan Canada, Canopy Growth operates three
state-of-the-art production facilities with over half a million
square feet of indoor and greenhouse production capacity.
Canopy Growth has established partnerships with leading sector
names in Canada and abroad.
For more information, www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news
release contains forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Canopy Growth Corporation, Tweed Inc., Tweed Farms
Inc. or Bedrocan Canada Inc. to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Examples of such statements include
future operational and production capacity, the impact of enhanced
infrastructure and production capabilities, and forecasted
available product selection. The forward-looking statements
included in this news release are made as of the date of this news
release and Canopy Growth Corp. does not undertake an obligation to
publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise unless required by
applicable securities legislation. Neither the TSX Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Canopy Growth Corporation