(TSX-V: MGW, OTCQB: MGWFF)
March 17, 2017 - $0.54
CALGARY, March 17, 2017 /CNW/ - Maple Leaf
Green World (MGW-V) ("Maple Leaf" or the "Company")
announces that it intends to raise up to CAD $6 million in capital by way of a non-brokered
private placement to accredited investors. The proposed private
placement consists of an offering of up to 11 million units at a
subscription price of $0.55per unit,
each unit being comprised of one common share and one common share
purchase warrant (the "Offering"). Each warrant
issuable in connection with the Offering will be exercisable at a
price of $0.85 for a period of two
years after closing. The minimum subscription for the Offering is
19,000 units. Although the private placement is non-brokered, Maple
Leaf reserves the right to pay finder's fees in connection with the
Offering. Any securities issued pursuant to this Offering
will be subject to restrictions on resale for a specified period of
not less than four months after closing.
The Company intends to use the net proceeds of the Offering for
the Company's medical marijuana project in Canada and for working capital. This
non-brokered private placement is subject to review and acceptance
by the TSX Venture Exchange.
The Company wishes to confirm it will not be proceeding with its
proposed non-brokered private placement of $5 million at $0.70
per unit (first announced on February 7,
2017) due to, among other things, recent positive changes in
prospects of its ACMPR application in Canada.
For further information regarding Maple Leaf Green World Inc.,
please visit the www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf Green World Inc. is a public Canadian company that
focuses on the cannabis industry in North
America. With over 10 years of extensive greenhouse
management experience, it applies its eco- agriculture knowledge
and cultivation technology to produce contaminant -free organic
cannabis products. The Company is currently involved in three
cannabis projects:
- Canada – The Company has
applied for an ACMPR license for an 80,000 sq ft greenhouse complex
in B.C. in August 2014 and is now in
Stage 5 (Review) with Health Canada.
- California – The Company is in
a joint venture with a Non- Profit Co-Op to cultivate cannabis for
its members. The Company owns 20 acres of land and has 2
greenhouses in production since September 2016. The site on
which the joint venture operates has capacity for additional
greenhouses. Maple Leaf is also applying for a cultivation
license in the San Diego
area.
- Nevada – The Company is in the
process of acquiring a cultivation permit for a 33,500 sq ft
facility from an existing licensee and has plans for a facility
operating in the city of Henderson, 15 miles from Las Vegas.
Maple Leaf's long-term objective is to produce cannabis oil and
export its products to approved countries.
Neither the TSX Venture Exchange or 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.
Certain statements in this news release including (i)
statements that may contain words such as "anticipate", "could",
"expect", "seek", "may", "intend", "will", "believe", "should",
"project", "forecast", "plan" and similar expressions, including
the negatives thereof, (ii) statements that are based on current
expectations and estimates about the markets in which Maple Leaf
operates and (iii) statements of belief, intentions and
expectations about developments, results and events that will or
may occur in the future, constitute "forward-looking statements"
and are based on certain assumptions and analysis made by Maple
Leaf. There is no assurance that sufficient financing can be raised
or that permits will be available to allow the Company to carry out
its current projects on a timely basis.
Forward-looking statements in this news release include, but
are not limited to, statements with respect to future capital
expenditures, including the amount, nature and timing thereof;
other development trends within the marijuana industry and the
status of, and ability to capitalize on, opportunities available to
the Company as well as the business strategy; expansion and growth
of Maple Leaf's business and operations and other such matters.
Such forward-looking statements are subject to important risks and
uncertainties, which are difficult to predict and may affect Maple
Leaf's operations, including, but not limited to: the impact of
general economic conditions; industry conditions; the availability
of equity or debt financing; government and regulatory developments
including availability of requisite licenses; product supply and
demand; competition; and Maple Leaf's ability to attract and retain
qualified personnel. Maple Leaf's actual results, performance or
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will occur, or if any of them do occur,
what benefits Maple Leaf will derive therefrom.
SOURCE Maple Leaf Green World Inc.