VANCOUVER, B.C., Feb. 12, 2019 (GLOBE NEWSWIRE) -- Volero Brands Inc. (“Volero” or the “Company”) is pleased to announce that it has entered into an agreement (the “Agreement”) with Mackie Research Capital Corporation (the “Agent”) who has agreed to sell, on a “best efforts” private placement basis, up to 10,000,000 Class A common shares in the capital of the Company (“Common Shares”) at a price of $0.50 per Common Share for gross proceeds of up to $5,000,000 (the “Offering”).
Pursuant to the Agreement, the Agent has been granted an option (the “Agent’s Option”) exercisable in whole or in part at any time up to the closing of the Offering to increase the size of the Offering by up to 15% of the number of Common Shares offered pursuant to the Offering by giving written notice of the exercise of the Agent’s Option, or a part thereof, to the Company at any time up to 48 hours prior to closing of the Offering.
“It seems like every day, a new opportunity jumps in front of us,” says Volero CEO Sean Trustham. “Even before the Canadian regulations are effective for concentrates and edibles, we have licensed the Flyte brand in Nevada and are in discussions with potential partners in other US states. This is giving us a very nice head start. We have been at the right places at the right times with the right people – it’s ALL about being prepared to jump on opportunities as they appear. Tomorrow is too late.”
The Company intends to use the proceeds from the Offering for construction of the Company’s facility in Alberta, working capital and general corporate purposes. The closing of the Offering is expected to occur on or about the week of February 28, 2019.
The Offering will take place by way of a brokered private placement to “accredited investors” (as defined in National Instrument 45-106 – Prospectus Exemptions) in all of the provinces of Canada (except Quebec), and otherwise in those jurisdictions where the Offering can lawfully be made, including the U.S. under applicable private placement exemptions.
About Volero
Volero Brands is a privately held, British Columbia-based company engaged in the development of a family of cannabis brands and game-changing cannabis delivery systems in Canada and abroad. The Company’s flagship brand is Flyte, a premium cannabis distillate brand. Flyte has been licensed in the state of Nevada for concentrates prepared from distillates of phytocannabinoids and packaged in vaporizer pen cartridges. The Company intends to commercialize the Flyte brand in association with concentrates and edibles across Canada once the Cannabis Regulations are amended to regulate commercial production of these products. The Company brings deep technical and branding expertise to extraction, formulation, development and marketing of premium cannabis distillate-based products.
For further information about Volero Brands, please visit www.volero.ca.
Media Contact:
Al Watt
Volero Brands Inc.
Phone: Office: 604-371-0804 x 202 Mobile 604.351.7061
Email:al@volero.ca
www.volero.ca
Cautionary Note Regarding Forward-Looking Statements
Other than statements of historical fact, the information presented in this news release constitute forward-looking statements. By their very nature forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
