Empower Clinics Announces Escrow Lock-Up Agreements with Company Insiders Covering More Than 40% of Outstanding Shares
September 26 2018 - 3:35PM
Business Wire
Empower Clinics Inc. (CSE: EPW; FRA: 8EC), a leading owner and
operator of medical cannabis and wellness clinics in the US,
today announced that officers of the company, as well as
significant founding shareholders of Empower’s predecessor company,
have entered a three-year escrow related to the company common
shares that represent more than 40% of the company’s currently
issued and outstanding shares.
The escrow agreements provide that these shareholders will not
sell or otherwise dispose of any shares, or enter into any
transaction to such effect, directly or indirectly, unless detailed
provisions of the escrow are met.
“These agreements reaffirm that Empower’s executive team and our
largest shareholders believe strongly in the company’s vision and,
more importantly, in our ability to continue executing our
long-term growth strategy.” said Craig Snyder, Empower CEO.
The company also announced that it intends to close a
non-brokered private placement (the “Offering”) of an aggregate
principal amount of $575,060 in convertible debentures (the
“Convertible Debentures”). Each Convertible Debenture will bear
interest at a rate of 7% per annum, which will be payable in cash
on the date that is one year from the closing date of the Offering
(the “Maturity Date”). On the Maturity Date, all of the principal
amount of the then outstanding Convertible Debentures will convert,
at a conversion price of $0.18, into units consisting of one common
share in the capital of the company (the “Common Shares”) and one
warrant to purchase Common Shares at an exercise price of $0.19 per
warrant for a period of one year from the Maturity Date.
The Convertible Debentures issued pursuant to this Offering will
be subject to a hold period of four months and one day from the
closing date of the Offering.
ABOUT EMPOWER
Empower is a leading owner and operator of medical cannabis
and wellness clinics, as well as a developer of medical products in
the US, focused on enabling individuals to improve and protect
their health. The company provides treatment solutions through its
physician-staffed clinics that are focused on education, data, and
efficacy. Empower is a recognized leader and the first choice for
patients seeking quality experience and improved health.
For further information about Empower please see the company’s
website at empowerclinics.com.
Certain statements included in this press release constitute
forward-looking information or statements (collectively,
“forward-looking statements”), including those identified by the
expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”,
“intend”, “may”, “should” and similar expressions to the extent
they relate to the Company or its management. Forward-looking
information contained in this news release includes, but is not
limited to, the delisting of the Common Shares from the TSXV, the
listing of the Common Shares on the CSE and the future growth plans
of the Company. The forward-looking statements are not historical
facts but reflect current expectations regarding future results or
events and are therefore based on current expectations and various
estimates, factors and assumptions and involve known and unknown
risks, uncertainties and other factors.
Neither the TSXV, the CSE nor their Regulation Services Provider
(as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20180926005950/en/
For Empower Clinics Inc.Investors:Boom Capital MarketsSteve Low,
647-620-5101steve@boomcapitalmarkets.comorPress:Mark Peterson,
206-390-0204Mark@pointerpr.com
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