NetworkNewsBreaks – ABcann Global Corporation (TSXV: ABCN) Enters Definitive Agreement for $15 Million Investment
ABcann Global Corporation (TSXV: ABCN) this morning announced the signing of a definitive subscription agreement with Cannabis Wheaton Income Corp. (TSXV: CBW). Under the terms of the deal, Cannabis Wheaton has agreed to purchase $15 million of ABcann common shares at an agreed-upon valuation of $2.25 per share. Completion of this first subscription, which forms part of a larger phased investment by Cannabis Wheaton, is expected to occur by July 31, 2017, subject to customary closing conditions. “We are pleased to move forward with the initial funding phase of our partnership with Cannabis Wheaton and to welcome them as new equity holders in ABcann,” Aaron Keay, CEO of ABcann, stated in the news release. “This represents Cannabis Wheaton’s first funding allocation and we look forward to this mutually beneficially relationship as we advance both of our respective companies.” Per the update, ABcann intends to use funding stemming from this agreement in support of the development of its proposed cannabis cultivation facility to be located in Napanee, Ontario.
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