VANCOUVER, BC, March 25, 2021 /CNW/ - Kiaro Holdings Corp.
(TSXV: KO) ("Kiaro" or the "Company"), a Canadian
cannabis retailer and distributor, announces that further to its
news release of February 11, 2021,
and March 11, 2021, it has receive
final approval from the TSX Venture Exchange (the "TSX-V")
in connection with the previously announced private placement (the
"Offering") of units of the Company ("Units") at a
price of $0.16 per Unit for gross
proceeds of $3,000,000.
The Company is exempt from the formal valuation requirement and
the minority approval requirement under Multilateral Instrument
61-101 as at the time of the Offering, the fair market value of the
consideration for the Offering, insofar as it involved interested
parties, did not exceed 25% of the Company's market capitalization.
Specifically, the aggregate subscription amount of the related
parties totaled $225,000 and the
Company's market capitalization at the time of the transaction
equaled approximately $24,299,195
based on the closing price of the Company's common shares on the
TSX-V immediately prior to closing. As a result, related party
participation equaled approximately 0.9% of the Company's market
capitalization.
Kiaro Holdings Corp.
Based in Vancouver, British
Columbia, Kiaro is an independent, omni-channel cannabis
retailer and distributor. Through existing storefronts across
British Columbia and Saskatchewan, a wholesale distribution
division servicing Saskatchewan,
and plans for national expansion, Kiaro is driven to introduce new
and experienced consumers to a lifelong exploration of cannabis.
With more than 40 years of collective retail-focused experience,
Kiaro's leadership team has a proven track record of growing retail
brands across North America and
plans to open multiple retail locations nationwide over the coming
years.
Forward-Looking Information
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Kiaro, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: the use of proceeds of the
Offering, proposed retail expansion plans and management's ability
to execute on same, overall growth of the Canadian cannabis market
and retail opportunities, the award of new operating permits and
licenses in various jurisdictions, the future trading price of the
Common Shares, and the timing and amount of any dispositions of the
Common Shares. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur. Forward-looking information is
based on information available at the time and/or management's
good-faith belief with respect to future events and are subject to
known or unknown risks, uncertainties, assumptions and other
unpredictable factors, many of which are beyond Kiaro's control.
Furthermore, any forward looking information with respect to future
expansion plans is subject to the qualification that management of
Kiaro may decide, and the assumptions that any construction or
conversion would not be cost prohibitive, required permits will be
obtained and the labour, materials and equipment necessary to
complete such construction or conversion will be available.
Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this news
release. Kiaro does not intend, nor undertake any obligation, to
update or revise any forward-looking information contained in this
news release to reflect subsequent information, events or
circumstances or otherwise, except if required by applicable
laws.
For more information, visit: www.kiaro.com
Neither TSX Venture Exchange nor 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.
SOURCE Kiaro Holdings Corp.