TORONTO, Nov. 11, 2019 /CNW/ - National Access
Cannabis Corp (TSXV: META) d/b/a Meta Growth ("Meta Growth",
"META" or "the Company"), Canada's
largest publicly traded recreational cannabis retailer by
revenue1, previously announced on January 7, 2019 that it had received approval
from the TSX to distribute $21,150,000 aggregate principal amount of 8.0%
convertible secured senior debentures (the "Debentures") as
governed by a convertible debenture indenture made as of
November 23, 2018, between the
Company and TSX Trust Company (the "Debenture Indenture").
In accordance with the Debentures, interest in the amount of
$846,000.00 is due and payable
to Debentureholders on November 30,
2019 (the "Current Interest Obligation").
The Company has provided notice to the registered holders of the
Debentures that, pursuant to the terms of the Debenture Indenture,
the Company has elected to satisfy the entirety of the Current
Interest Obligation by the delivery of common shares in the capital
of the Company (the "Common Shares"). The Common Shares
issued in satisfaction of the Current Interest Obligation shall be
issued at a price per Common Share equal to the volume weighted
average price for the ten (10) consecutive trading days ending on
November 27, 2019.
In accordance with terms of the Debenture Indenture, the Common
Shares shall be payable to the registered holders of Debentures
appearing on the registers marked by the Trustee at the close of
business on November 25, 2019, being
the fifth Business Day prior to the applicable interest payment
date. No fractional Common Shares will be issued in satisfaction of
the Current Interest Obligation.
The Common Shares have not and will not be registered under the
U.S. Securities Act of 1933, as amended (the "Act"), and may
not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements under the Act.
Additionally, the Company has engaged Native Ads Inc. ("Native
Ads") to provide and manage a comprehensive digital media marketing
campaign for the Company for a total cost of US$100,000 and an initial term of approximately
12 weeks. Native Ads will provide content development, web
development, media distribution, and campaign reporting and
optimization. Neither Native Ads, nor any of its directors or
officers own any securities of the Company.
About Meta Growth
With a portfolio of 35 licensed
retail locations nationwide, META is a leader in secure, safe and
responsible access to legal recreational cannabis in Canada. Through its Canada-wide network of META Cannabis Supply
Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores,
META enables the public to gain knowledgeable access to
Canada's network of authorized
Licensed Producers of cannabis. META is listed on the TSX Venture
Exchange under the symbol (TSXV: META).
For more information on Meta Growth, visit:
metagrowth.com
metacannabis.com
newleafcannabis.ca
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 anticipated payment of the Current Interest Obligation by
Common Shares and the anticipated marketing campaign by Native Ads.
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
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.
1 New Cannabis Ventures, Public Cannabis Company
Revenue & Income Tracker. Largest publicly traded cannabis
retailer by revenue.
SOURCE National Access Cannabis Corp.