OTTAWA, April 3, 2014 /CNW/ - Tweed Marijuana Inc. (TSXV:
LWI.H) ("Tweed Marijuana"), formerly LW Capital Pool Inc.,
today announced that it has closed its qualifying transaction with
Tweed Inc. ("Tweed") pursuant to which Tweed completed a
reverse takeover transaction with Tweed Marijuana (the
"Transaction") and has delivered all materials to the TSX
Venture Exchange (the "Exchange") required to satisfy the
listing conditions. Trading in the common shares of Tweed
Marijuana is expected to resume on the Exchange at open of markets
on Friday April 4, 2014 under the
symbol "TWD".
Prior to the Transaction, Tweed Marijuana was a capital pool
company as defined in the policies of the Exchange and had not
commenced commercial operations and had no assets other than
cash. The Transaction constituted Tweed Marijuana's
"Qualifying Transaction", as defined in Exchange policies.
Tweed is a licensed producer of medical marijuana in
Canada. The principal activities of Tweed are the production
and sale of marijuana out of its facility in Smiths Falls, Ontario as regulated by the
Marihuana for Medical Purposes Regulations.
As part of the Transaction LW Capital Pool Inc. changed its name
to Tweed Marijuana Inc. and consolidated its shares on a 5 to 1
basis. Following this change, Tweed amalgamated with 2405882
Ontario Inc., a wholly owned subsidiary of Tweed Marijuana formed
solely for the purpose of facilitating the Transaction. In
connection with that amalgamation, Tweed Marijuana Inc. issued a
total of 33,618,108 post-consolidation common shares to the holders
of shares of Tweed. In addition, 2,980,054 common shares of
Tweed Marijuana have been reserved for options and warrants issued
to the holders of Tweed options and warrants. Following
closing, Tweed Marijuana Inc. has a total of 35,070,108 common
shares outstanding.
A filing statement describing Tweed Marijuana Inc., Tweed and
the terms of the Transaction, prepared in accordance with the
polices of the Exchange, is available to view at
www.sedar.com. The summary of the Transaction included above
is qualified in its entirety by reference to the description of the
Transaction in the filing statement.
Following closing of the Transaction, the following individuals
comprise the Board of Directors of Tweed Marijuana:
Bruce Linton, Charles Rifici, Chris
Schnarr, Larry Poirier and
Andrew Moffat. Mr. Rifici will
assume the position of Chief Executive Officer and Mr. Linton will
be Chair of Tweed Marijuana Inc.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Tweed Marijuana Inc.