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Vida Cannabis Corp. Closes US$ 1 Million Equity Financing
|By Marketwired .
|March 7, 2014 12:33 PM EST
TORONTO, ONTARIO -- (Marketwired) -- 03/07/14 -- Vida Cannabis Corp. ("Vida Cannabis") is pleased to announce it has completed a US$ 1 million seed stage round of equity financing. In addition to investments from directors, officers and key personnel, Vida Cannabis has secured a significant portion of the financing from value-added angel investors.
This private placement consists of 6,666,666 common shares at a price of US$ 0.15 per share for total gross receipts of US$ 1,000,000. There are no commissions or fees involved with this financing.
Vida Cannabis CEO Greg Wilson stated: "The proceeds from this initial round of equity financing will primarily be used to advance our Canadian subsidiary's plans of developing a large-scale, licensed production facility for pharmaceutical-grade marijuana. Our desire is to work with tradespersons and service providers based in the Stellarton, Nova Scotia region where the plant is located. I have just returned from several days of meetings there with a number of consultants and service providers, and am confident the local area is enthusiastically engaged and ready to assist us in a diligent and timely manner to rapidly get our operations up and running.
"We are confident in our ability to raise equity capital and have no interest in asking the taxpayers of Nova Scotia to fund our vision. Vida is here to build a business that benefits the Company, our shareholders and the residents of not only Stellarton but throughout Nova Scotia, without government grants or tax breaks. We will build this business based upon the securing of financing from investors with a long-term perspective on developing Vida Cannabis and are humbled by the confidence already expressed in the Vida team and the vision and strategies we are implementing."
With the financing, Vida Cannabis (Canada) Ltd. ("Vida Canada"), Vida Cannabis' wholly owned subsidiary, will immediately commence with previously announced plans to retrofit a 315,000-square-foot production facility in Stellarton while simultaneously working to secure a commercial production license from Health Canada.
Isaac Collie, Director of High Alert Investment Management Ltd. ("High Alert"), stated: "We are incredibly excited to be able to participate in the development and growth of a company we believe will be a leading producer in the global medical marijuana industry. We are fully committed to putting our considerable business and consulting resources behind Vida Cannabis, and will do our part to help ensure continued success."
Additionally, Vida Canada is accelerating its efforts to secure several key personnel to join the Canadian Vida team, which will solidify its profile as a suitable candidate for licensing with Health Canada.
About Vida Cannabis Corp.
Vida Cannabis Corp. ("Vida Cannabis") is focused on developing a dominant production footprint in the rapidly developing global marketplace for the legal use of medicinal and recreational marijuana.
Initial operations are focused on the Canadian market where Health Canada has established national guidelines enabling best-in-class producers to acquire commercial production licenses under the Marihuana for Medical Purposes Regulations.
Via its wholly owned subsidiary, Vida Cannabis (Canada) Ltd., Vida Cannabis has contracted to purchase a 315,000-square-foot production facility in the town of Stellarton, Nova Scotia and unanimously secured a 50-year irrevocable approval from the local municipality to operate a medical marijuana production plant at the facility.
The highly secure facility boasts a fully engineered concrete floor, 18-foot-high concrete walls and a steel roof making it an ideal location for the construction of a customized, state-of-the-art modern medical marijuana production plant.
Vida Cannabis is working with one of the most talented cannabis consulting teams in the world, which has extensive resources in the United States, Canada and Europe, to establish an optimized end-to-end production plan to help position Vida Cannabis with the largest, most advanced medical marijuana facility in Canada.
Vida Cannabis continues to evaluate additional potential markets as regulatory bodies around the world pass legislation enabling the production and distribution of medicinal or recreational marijuana.
On behalf of the board,
J. Gregory Wilson - Director & CEO
Vida Cannabis Corp.
This announcement does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell, a solicitation to purchase, or advice on investments in any securities of Vida Cannabis Corp. ("Vida Cannabis"). Offers and solicitations shall be expressly identified as such and made in compliance with applicable securities laws. This announcement is for information purposes only. It should not be relied upon as a basis for investment decisions. You should consult with your own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of any investments you are considering. Whilst the information provided here is believed to be reliable, it cannot be guaranteed. It may contain forward-looking statements made by or on behalf of Vida Cannabis about its business or financial objectives, position, strategies or expectations. Such forward-looking statements may be identified by words such as, or similar to, "intends," "anticipates," "believes," "expects" and "hopes" and includes, without limitation, the development of production facilities, approval from regulatory authorities and the ability for Vida Cannabis to obtain adequate financing to meet its business objectives. These statements involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated. The statements in this announcement do not guarantee future performance. Vida Cannabis does not undertake any obligation to update any information provided in this announcement. In Canada, Vida Cannabis (Canada) Ltd., a wholly owned subsidiary of Vida Cannabis, must obtain approval from Health Canada in order to operate as a licensed commercial producer under the Marihuana for Medical Purposes Regulations. Vida Cannabis makes no representations or warranties that it will receive Health Canada approval.
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