MONTREAL, Jan. 12,
2023 /CNW/ - Cannara Biotech Inc. ("Cannara"
or the "Company") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a
vertically integrated producer of premium-grade cannabis and
derivative products with two mega facilities based in Québec
spanning over 1,650,000 sq. ft., today announces details of its
proposal to consolidate all of the issued and outstanding common
shares of the Company on the basis of ten (10) pre-consolidation
common shares for every one (1) post-consolidation common shares,
subject to the approval of shareholders at the upcoming meeting of
shareholders to take place on January 25,
2023, as well as TSXV approval.
Currently, the Company's authorized share capital is an
unlimited number of common shares without par value, of which
877,481,321 shares are issued and outstanding, with a further
45,107,450 shares reserved for issuance upon the exercise of
existing stock options.
The Board of Directors believes that the share consolidation
will provide the Company with greater flexibility in developing its
plans.
The Company does not intend to undergo a name change in
conjunction with the proposed consolidation.
Upon completion of the share consolidation, it is expected that
there will be approximately 87,748,132 common shares issued and
outstanding, subject to adjustment for fractional shares. The
number and exercise price of all stock options will be adjusted in
accordance with the consolidation ratio.
About Cannara Biotech
Inc.
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB)
is a vertically integrated producer of affordable premium-grade
cannabis and cannabis-derivative products for the Québec and
Canadian markets. Cannara owns two mega facilities based in Québec
spanning over 1,650,000 sq. ft., providing the Company with
125,000kg of potential annualized cultivation output. Leveraging
Québec's low electricity costs, Cannara's facilities produce
premium-grade cannabis products at an affordable price. For more
information, please visit cannara.ca.
Neither the 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.
Cautionary Statement Regarding
"Forward-Looking" Information
This information release contains certain forward-looking
information. Such information involves known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by statements herein, and therefore these statements should
not be read as guarantees of future performance or results. All
forward-looking statements are based on the Company's current
beliefs as well as assumptions made by and information currently
available to it as well as other factors. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Due to risks and
uncertainties, including the risks and uncertainties identified by
the Company in its public securities filings, actual events may
differ materially from current expectations. The Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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SOURCE Cannara Biotech Inc.