Company Receives C$1.4M In Cash From Exercised Warrants
VANCOUVER, BC / ACCESSWIRE / October 15, 2019 / Stillcanna Inc. (OTCPK:SCNNF) (CSE:STIL) (FRANKFURT:A2PEWA) ("STIL" or the "Company") announces 5,536,985 warrants have expired as of close of business Thursday October 10, 2019.
When the Company completed its C$0.25 financing in October of 2018 it issued 8,000,000 whole warrants at an exercise price of C$0.50 to those participating in the private placement along with an additional 421,000 brokers warrants. As of the close of business October 10, 2019, 2,884,305 of these warrants had been exercised for total cash proceeds of C$1,442,150.50.
Stillcanna currently has 109,962,392 shares outstanding, over 10 million in cash, significant capital assets in both Romania and Poland and no debt financing. The Company does not anticipate requiring additional financing to complete its initial business plan.
"We are in a very strong position with a healthy balance sheet consisting of tangible assets, cash and no debt," stated Jason Dussault CEO of Stillcanna. "With our Polish NEXUS extraction facility ramping up to commercial production this quarter, our Romania ORIGIN extraction facility (a joint venture with UK based Dragonfly Biosciences) built and awaiting final operational approvals, we have accomplished a lot in the past 5 months from our last financing in May 2019. Our team has been delivering upon its mandates as we look forward to a strong Q4 and additional growth through 2020."
About Stillcanna Inc.
Stillcanna Inc. (CSE:STIL) www.stillcanna.com is a Canadian early-stage life sciences company focused on the large scale manufacturing of CBD in Europe. The Company believes its proprietary intellectual property allows it to extract CBD at a lower cost. The Company has signed an initial extraction contract in Europe to be the exclusive extractor for Dragonfly Biosciences LLC, a United Kingdom-based supplier of CBD. The Company also recently completed the acquisition of Olimax NT SP. Z .O.O, a multi-generational hemp agricultural firm that is expected to increase the Company's market share in the European CBD industry.
On Behalf of the Board
Jason Dussault, CEO
Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including that the Company should be in full commercial scale production this quarter.
Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should" or "would" occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including the Company does not anticipate requiring additional financing to complete its initial business plan.
Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, and that the Company is in a very strong position with a healthy balance sheet consisting of tangible assets, cash and no debt and its Polish NEXUS extraction facility ramping up to commercial production this quarter. As well that the Company looks forward to a strong Q4 to 2019 and additional growth through 2020."
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
SOURCE: Stillcanna Inc.