VIVO.TO) (VVCIF) (“VIVO” or the “Company“) announces that it has filed a preliminary short form base shelf prospectus (the “Shelf Prospectus“) with securities regulatory authorities in each province of Canada .
“The Shelf Prospectus will provide us with greater flexibility to access capital on an expedited basis if and when required,” said Barry Fishman , Chief Executive Officer of VIVO. “While we have no immediate plans to draw capital down under the Shelf Prospectus, it will be a tool available to help us continue to grow VIVO’s business and further execute on our strategic plan.”
When final, the Shelf Prospectus will enable the Company to offer common shares, debt securities, convertible securities, subscription receipts, warrants, units or any combination thereof for aggregate gross proceeds of up to $100 million during the 25 month period the Shelf Prospectus is effective.
If the Company proceeds with an offering of securities under the Shelf Prospectus, the specific terms, the proposed use of proceeds and other matters related to such offering will be set out in a prospectus supplement, which will be filed with all applicable Canadian securities regulatory authorities. The Company may also use the Shelf Prospectus in connection with an “at-the-market distribution” in accordance with applicable securities laws, which would permit securities to be sold on behalf of the Company through the Toronto Stock Exchange (or other applicable stock exchange) as further described in the applicable prospectus supplement. To date, no agreement has been entered into with respect to such a distribution.
www.sedar.com.” data-reactid=”30″>The Shelf Prospectus can be found under the Company’s profile on SEDAR at www.sedar.com.
www.sedar.com.” data-reactid=”31″>The Company is also pleased to announce the termination of the automatic securities disposition plan (the “Plan“) of NPK Holdings Limited (“NPK“), a company owned by Dan Laflamme , a director and senior officer of the Company, which initially became effective on September 1, 2019 . Under the Plan, which was intended to have a 12-month term, up to 100,000 shares could be sold per week (up to 5.2 million total over the 12-month term of the Plan). Mr. Laflamme has advised the Company that neither he nor NPK is aware of, or in possession of, any material non-public information regarding the Company or its subsidiaries, or any securities of the Company, as at the date hereof. Sales under the Plan are expected to terminate on or about June 22, 2020 , following completion of administrative steps necessary to effect the termination. Additional information regarding Mr. Laflamme’s recent trading activities can be found in his early warning report and news release of today’s date, available under the Company’s profile on SEDAR at www.sedar.com.
This news release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of the Company, nor will there be any offering or sale of such securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful absent registration or qualification of such securities under the applicable laws of any such jurisdiction, including the United States .
www.vivocannabis.com” data-reactid=”38″>VIVO Cannabis™ is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities with proprietary plant-growing technology in Hope, British Columbia and Napanee, Ontario . VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical™, Fireside™, Fireside-X™, Lumina™ and Canadian Bud Collection™ . The Company is expanding its production capabilities and distribution network. Harvest Medicine, VIVO’s patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia . The Company has a healthy balance sheet and is well-positioned to accelerate its path to profitability. For more information visit: www.vivocannabis.com
SOURCE VIVO Cannabis Inc.
http://www.newswire.ca/en/releases/archive/June2020/18/c9492.html” data-reactid=”61″>View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2020/18/c9492.html
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