VANCOUVER, BC / ACCESSWIRE / March 10, 2020 / Weekend Unlimited Inc. ("Weekend" or the "Company") (CSE:POT)(FSE:0OS2)(OTCQB:WKULF) is pleased to provide an update on its previously announced financing and changes to its board and leadership positions.
Pursuant to the press release of February 11, 2020 the Company is pleased to announce that it has closed the 2nd tranche of its non-brokered private placement (the "Offering") and issued an additional 629,300 Units at a price of CDN $0.125 per unit. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase an additional common share for $0.17 for a period of 2 years from the issue date.
The warrants are subject to an acceleration clause whereby in the event the shares trade at or above a 10-day VWAP of $0.35 the holder may accelerate the expiry date upon 30 days' notice. All of the securities issuable in connection with the Private Placement will be subject to a hold period expiring four months and one day after date of issuance.
Weekend has raised an aggregate total of CDN $ 1,180,000 through the offering. Commissions related to the financing of $2,349 and 18,792 warrants have been paid and granted respectively.
The Company is pleased to announce that Mr. David Parchomchuk has been named to the Board of Directors. "Dave is a welcome addition to the Board, his expertise in e-commerce and business operations will benefit the Company tremendously at this stage of its growth," said Mr. Chris Backus, President and CEO. Additionally, the Company announces that Mr. Charlie Lamb has resigned as a director and officer of the Company.
David Parchomchuk has over 20 years of experience in management consulting, banking systems, and e-commerce startups with a deep understanding of operations and technical systems. He has a proven track record in roles which bridge the gap between business objectives and their implementation. He holds a Bachelor's Degree in Computing Science from Simon Fraser University
For further information, please contact:
Mr. Chris Backus, President & CEO, Director
Telephone: 1(236) 317-2812
E-mail: [email protected]
About Weekend Unlimited Inc.
Weekend Unlimited is a lifestyle-based recreational cannabis and CBD wellness company. We are developing and launching premium cannabis and CBD brands to deliver life's highs - any- time, anywhere. Our CBD products are available online and at a retailer near you. Weekend Unlimited is well-positioned to launch and scale the brands that will define cannabis and
CBD. Learn more at www.weekendunlimited.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the poli- cies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward- looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking infor- mation reflects management's current beliefs and is based on information currently available to management. Of-
ten, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by state- ments to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward- looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic condi- tions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new in- formation, future events, or otherwise, except as required by securities laws.
SOURCE: Weekend Unlimited Inc.