TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, April 2, 2019 /CNW/ - SugarBud Craft Growers
Corp. ("SugarBud" or the "Company") is pleased to
announce that it has closed the sale of the Company's oil and gas
assets (the "Dispositions") with several arm's length
purchasers (the "Purchasers") pursuant to which the
Purchasers have acquired all of the Company's oil and gas assets
for gross proceeds of approximately $1.75
million in cash.
The series of Dispositions eliminates approximately $4.1 million of asset retirement obligations
associated with the assets and significantly strengthens the
Company's balance sheet. SugarBud has no debt or abandonment
liabilities and does not anticipate requiring any additional
financing prior to receipt of its Cultivation License from Health
Canada.
About SugarBud
SugarBud is an Alberta-based
emerging cannabis company engaged in the development, acquisition,
production and distribution of cannabis in Canada.
Forward Looking and Cautionary Statements
This news
release may include forward-looking statements including opinions,
assumptions, estimates, the Company's assessment of future plans
and operations, and, more particularly, statements concerning: the
receipt of a Cultivation License from Health Canada and the timing
thereof; the cultivation of cannabis at the facility in
Stavely, Alberta; and the
completion of the Disposition and its impact on the Company's
balance sheet, including that additional financing will not be
required in advance of receipt of a Cultivation License. When used
in this document, the words "will," "anticipate," "believe,"
"estimate," "expect," "intent," "may," "project," "should," and
similar expressions are intended to be among the statements that
identify forward-looking statements. The forward-looking statements
are founded on the basis of expectations and assumptions made by
the Company that include, but are not limited to, the timely
receipt of all required regulatory and third-party approvals.
Forward-looking statements are subject to a wide range of risks and
uncertainties, and although the Company believes that the
expectations represented by such forward-looking statements are
reasonable, there can be no assurance that such expectations will
be realized. Any number of important factors could cause actual
results to differ materially from those in the forward-looking
statements including, but not limited to: regulatory and third
party approvals, including receipt of cultivation and sales
licenses from Health Canada, not being obtained in the manner or
timing anticipated; the ability to implement corporate strategies;
the state of domestic capital markets; the ability to obtain
financing; changes in general market conditions; industry
conditions and events; the size of the medical marijuana market and
the recreational marijuana market; government regulations,
including future legislative and regulatory developments involving
medical and recreational marijuana; construction delays;
competition from other industry participants; and other factors
more fully described from time to time in the reports and filings
made by the Company with securities regulatory
authorities. Please refer to the Company's annual information
form ("AIF") for the year ended December 31,
2017 and management's discussion and analysis ("MD&A")
for the three and nine months ended September 30, 2018 for additional risk factors
relating to the Company. The AIF and MD&A can be accessed under
the Company's profile on www.sedar.com.
Except as required by applicable laws, the Company does not
undertake any obligation to publicly update or revise any
forward-looking statements.
Neither the TSXV nor its regulation services provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE SugarBud Craft Growers Corp.