Maricann Announces Acceleration of Expiry Date of Warrants
TORONTO, ONTARIO--(Marketwired - Dec. 18, 2017) - Maricann Group Inc. (CSE:MARI)(CSE:MARI.CN)(CNSX:MARI)(OTCQB:MRRCF)(FRANKFURT:75M) ("Maricann" or the "Company") announces that it is accelerating the expiry date of all outstanding common share purchase warrants (the "Warrants") of the Company issued pursuant to a warrant indenture dated December 15, 2016 (the "Warrant Indenture"). Pursuant to the Warrant Indenture, an Early Expiry Event (as defined therein) has occurred, as the volume weighted average trading price of the outstanding common shares of the Company was greater than $1.90 for a period of 20 consecutive trading days. The Early Expiry Event provides the Company the right, in accordance with the Warrant Indenture, to accelerate the expiry date of the Warrants. The Warrants must be exercised no later than 5:00 p.m. (Toronto time) on January 17, 2018 (the "Early Expiry Date").
Each Warrant is exercisable into one common share of the Company at a price of $1.25 per common share. Upon the Company providing notice to the registered warrantholders and the warrant agent of the Early Expiry Date, the Warrants will expire at the close of the 30th day after the date of such notice. Notice of the acceleration of expiry date will be provided to the registered warrantholders by the warrant agent under the Warrant Indenture today.
About Maricann Group Inc.
Maricann is a vertically integrated producer and distributor of marijuana for medical purposes. The Company was founded in 2013 and is based in Toronto, Canada and Munich, Germany, with production facilities in Langton, Ontario, Canada where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. and Dresden, Saxony, Germany. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in 847,000 sq. ft. (78,688 sq. m) build out, capable of producing 95,000 kg of dry cannabis flower per year to support existing and future patient growth.
For more information about Maricann, please visit our website at www.maricann.com
Certain statements in this document, including statements with respect to the early expiry of Warrants, contain forward-looking statements which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "desires", "will", "should", "projects", "estimates", "contemplates", "anticipates", "intends", or any negative such as "does not believe" or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements, necessarily involve risks and uncertainties, including those discussed herein, that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to future events, and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management's control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Factors which could cause results or events to differ from current expectations include, among other things: fluctuations in operating results; the impact of general economic, industry and market conditions; the ability to recruit and retain qualified employees; fluctuations in cash flow; increased levels of outstanding debt and obligations under a capital lease; expectations regarding market demand for particular products and the dependence on new product development; the impact of market change; and the impact of price and product competition. Management 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 applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Corporate Headquarters (Canada)
Maricann Group Inc. (Toronto)
845 Harrington Court, Unit 3
Burlington Ontario L7N 3P3
European Headquarters (Germany)
Thierschstrasse 3, 80538 Munchen, Deutschland