TORONTO, June 1, 2020 /CNW/ - Meta Growth
Corp. (TSXV: META) ("Meta Growth", "META" or the
"Company"), a leading Canadian recreational cannabis retailer,
today announced the closure of the previously announced sale of its
common shares in Tetra Pty Ltd ("Tetra") to THC Global Group
Limited (ASX: THC) ("THC").
As previously announced on May 12,
2020, upon closure of the divestiture, META received
AU$75,000 in cash, 1,350,000 THC shares, and 1,500,000 stock
options in THC exercisable at AU$0.40 expiring two years after
issue. The above THC shares and stock options are subject to a
12 month hold from their date of issue. The closing price of
THC's shares on May 29, 2020 was
AU$0.39.
META will receive further proceeds in two additional
tranches as outlined in the table below:
|
Tranche 2
Three months
after Close
|
- AU$37,500 in
cash
- AU$225,000 in THC
shares, with the issue price calculated as the higher of 105% of
the 10-trading day VWAP prior to issue date or AU$0.35
|
|
Tranche
3
Six months after
Close
|
- AU$37,500 in
cash
- AU$187,500 in THC
shares, with the issue price calculated as the higher of 105% of
the 10-trading day VWAP prior to issue date or AU$0.40
|
About Meta Growth
Meta Growth is a leader in secure,
safe and responsible access to legal recreational cannabis in
Canada. Through its Canada-wide network of Meta Cannabis Co.™,
Meta Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational
cannabis retail stores, Meta Growth enables the public to gain
knowledgeable access to Canada's
network of authorized Licensed Producers of cannabis. Meta Growth
is listed on the TSX Venture Exchange under the symbol (TSXV:
META).
Neither the 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.
Cautionary Statements
This news release contains
forward-looking statements and forward-looking information within
the meaning of applicable securities laws. The use of any of the
words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify forward
looking statements or information. Forward-looking statements and
information in this news release includes, but is not limited
to, the timing and receipt of the remaining proceeds
from the sale of the Tetra common shares. Although
the Company believes that the expectations and assumptions on which
the forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because the Company
cannot give any assurance that they will prove to be correct. Since
forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results and developments may differ
materially from those that are currently contemplated by these
statements depending on, among other things, risks relating to the
effects of the COVID-19 pandemic on the economy; the ability
of THC to pay the consideration for the Tetra common shares as it
comes due; future legislative and regulatory developments;
inability to access sufficient capital from internal and external
sources, and/or inability to access sufficient capital on
favourable terms; general business, economic, competitive,
political, regulatory and social uncertainties; the delay or
failure to receive regulatory approvals and the recreational
cannabis industry in Canada
generally. The Company cautions that the foregoing list of risks
and uncertainties is not exhaustive. The forward-looking statements
and information contained in this news release are made as of the
date hereof and the Company undertakes no obligation to update
publicly or revise any forward-looking statement or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
SOURCE Meta Growth Corp.