Click here to close now.




















Welcome!

News Feed Item

Vida Cannabis Corp. Closes US$ 2.5 Million Equity Financing

TORONTO, ONTARIO -- (Marketwired) -- 04/16/14 -- Vida Cannabis Corp. ("Vida Cannabis") is pleased to announce it has completed an oversubscribed equity financing, raising US$ 2.5 million via private placement offering of its common stock. Initially, the round was set at US$ 1.5 million. Due to significantly higher interest than anticipated, Vida increased the quantum of financing to US$ 2.5 million, which was consented to by investors of this round. This private placement consisted of 10,000,000 common shares at a price of US$ 0.25 per share for total gross receipts of US$ 2.5 million, bringing the total number of common shares outstanding to 28,708,400.

Vida Cannabis Chairman and CEO Greg Wilson stated: "This is a tremendous outcome for Vida Cannabis Corp. and demonstrates the excitement amongst investors and the ongoing support of our existing shareholders as we continue developing Vida's business. The proceeds of this successful equity financing will allow us to take steps that are essential to establishing Vida Canada's profile as a candidate fit for licensing with Health Canada."

The net proceeds from the offering will be used by Vida Cannabis to further its wholly owned subsidiary Vida Cannabis (Canada) Ltd.'s efforts to obtain a commercial producer license under the Marihuana for Medical Purposes Regulations. In particular, the proceeds will be used for capital expenditures including further improvements to the recently acquired 315,000-square-foot Stellarton-based production plant, retaining key personnel and establishing operational infrastructure and general working capital purposes.

Mr. Wilson continued: "As Vida continues to progress toward obtaining a license, I believe it is reinforcing its dominant positioning in the medical marijuana industry. Vida has twice the footprint of any currently licensed producer in terms of production capacity, is engaging best-in-class personnel and is securing the expertise and tools required to produce premium quality products."

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 purchased a 315,000-square-foot production facility in the town of Stellarton, Nova Scotia and secured a 50-year irrevocable approval unanimously 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,

Greg Wilson - Chairman & CEO

Vida Cannabis Corp.

Disclaimer

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device acce...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Enterprises can achieve rigorous IT security as well as improved DevOps practices and Cloud economics by taking a new, cloud-native approach to application delivery. Because the attack surface for cloud applications is dramatically different than for highly controlled data centers, a disciplined and multi-layered approach that spans all of your processes, staff, vendors and technologies is required. This may sound expensive and time consuming to achieve as you plan how to move selected applicati...
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Puppet Labs is pleased to share the findings from our 2015 State of DevOps Survey. We have deepened our understanding of how DevOps enables IT performance and organizational performance, based on responses from more than 20,000 technical professionals we’ve surveyed over the past four years. The 2015 State of DevOps Report reveals high-performing IT organizations deploy 30x more frequently with 200x shorter lead times. They have 60x fewer failures and recover 168x faster
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...