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Planet 13 Holdings Inc. Announces Upsize to Bought Deal Public Offering

LAS VEGAS, Jan. 12, 2021 /CNW/ – Planet 13 Holdings Inc. (“Planet 13” or the “Company“) (CSE: PLTH) (OTCQB: PLNHF) is pleased to announce that it has amended the terms of its previously announced offering of units of the Company. Under the amended terms of the Offering (as defined below), a syndicate of underwriters (the “Underwriters“) co-led by […]

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Ryan Allway

January 13th, 2021

News, Top News


LAS VEGASJan. 12, 2021 /CNW/ – Planet 13 Holdings Inc. (“Planet 13” or the “Company“) (CSE: PLTH) (OTCQB: PLNHF) is pleased to announce that it has amended the terms of its previously announced offering of units of the Company. Under the amended terms of the Offering (as defined below), a syndicate of underwriters (the “Underwriters“) co-led by Beacon Securities Limited (“Beacon“) and Canaccord Genuity Corp. have agreed to purchase, on a bought deal basis, 8,575,000 units (the “Units“) in the capital of the Company at a price of $7.00 per Unit (the “Offering Price“) for aggregate gross proceeds to the Company of $60,025,000 (the “Offering“). (All figures are in Canadian dollars unless otherwise stated).

Each Unit shall consist of one common share (a “Common Share“) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole warrant, a “Warrant“) of the Company. Each whole Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price per Common Share of $9.00 for a period of 24 months from the Closing Date (as defined below).

The closing of the Offering is expected to occur on or about February 2, 2021 (the “Closing Date“) and is subject to the completion of formal documentation and receipt of all regulatory approvals, including the approval of the Canadian Securities Exchange. The net proceeds from the Offering will be used for potential acquisitions, working capital and general corporate purposes.

The Company has granted the Underwriters an option (the “Over-Allotment Option“), exercisable, in whole or in part, by Beacon, on behalf of the Underwriters, giving notice to the Company at any time and from time to time up to 30 days following the Closing Date, to purchase, or to find substituted purchasers for, up to an additional number of Units equal to 15% of the number of Units sold pursuant to the Offering at the Offering Price to cover over-allotments, if any, and for market stabilization purposes.

The Units to be issued under the Offering will be offered by way of a short form prospectus to be filed in all of the Provinces of Canada (except Quebec) and by private placement to eligible purchasers resident in jurisdictions other than Canada that are mutually agreed by the Company and Beacon, provided that no prospectus filing or comparable obligation arises and the Company does not therefore become subject to continuous disclosure obligations in such jurisdiction.

The Units, Common Shares and Warrants being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (“U.S. Securities Act“) and may not be offered or sold in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements. The Units may be offered in the United States to Qualified Institutional Buyers (as defined in Rule 144A under the U.S. Securities Act) pursuant to exemptions from the registration requirements under rule 144A of the U.S. Securities Act. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Planet 13

Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas – the entertainment capital of the world. Planet 13’s mission is to build a recognizable global brand known for world-class dispensary operations and a creator of innovative cannabis products. Planet 13’s shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and OTCQX under the symbol PLNHF.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, the closing of the Offering, receipt of regulatory approvals and proposed use of proceeds.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: final regulatory and other approvals or consents; risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Nevada cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the State of Nevada; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through its subsidiary MM Development Company, Inc. (“MMDC“). Local state laws where MMDC operates permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business, including COVID-19, are contained under the heading “Risk Factors” in the Company’s annual information form dated April 13, 2020 filed on its issuer profile on SEDAR at www.sedar.com.

SOURCE Planet 13 Holdings Inc.

For further information: Robert Groesbeck or Larry Scheffler, Co-Chief Executive Officers, [email protected]; Mark Kuindersma, CFA, LodeRock Advisors Inc., Planet 13 Investor Relations, [email protected], 416-519-2156 ext. 2230

Related Links

https://planet13lasvegas.com/

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Source: https://www.cannabisfn.com/planet-13-holdings-inc-announces-upsize-to-bought-deal-public-offering/

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Massachusetts Dispensaries Sue Over Home Delivery Rules

Not everyone is celebrating an initiative meant to assist disenfranchised cannabis business owners.

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Massachusetts Dispensaries Sue Over Home Delivery Rules | High Times






























Source: https://hightimes.com/news/massachusetts/massachusetts-dispensaries-sue-over-home-delivery-rules/

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London Police Uncover Massive Cannabis Grow In City’s Financial District

A group of cannabis growers have taken advantage of the now-empty financial district.

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London Police Uncover Massive Cannabis Grow In City’s Financial District | High Times





























Source: https://hightimes.com/news/london-police-uncover-massive-cannabis-grow-citys-financial-district/

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FluroTech Announces Closing of Oversubscribed $2.5 Million Private Placement Financing and Announces Communications Engagement for Investor Relations Services

CALGARY, Alberta, Jan. 21, 2021 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the Offering”). 15,644,844 Units were sold under the second tranche, which together with the 3,105,182 Units sold under the first tranche, resulted […]

The post FluroTech Announces Closing of Oversubscribed $2.5 Million Private Placement Financing and Announces Communications Engagement for Investor Relations Services appeared first on CannabisFN.

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Ryan Allway

January 21st, 2021

News, Top News


CALGARY, Alberta, Jan. 21, 2021 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the Offering”). 15,644,844 Units were sold under the second tranche, which together with the 3,105,182 Units sold under the first tranche, resulted in an aggregate of 18,750,026 Units being issued pursuant to the Offering at a price of $0.135 per Unit, raising aggregate gross proceeds of $2.531 million.

Each Unit is comprised of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.22 per share for a period of 12 months from the date such Warrant was issued; provided that, if the closing price of the Common Share (or the closing bid, if no sales were reported on a trading day) as quoted on the exchange on any 5 consecutive trading days is greater than $0.395 per Common Share, the Company may provide notice in writing to the holders of the Warrants by issuance of a press release that the expiry date of the Warrants will be accelerated to the 15th day after the date on which the Company issues such press release.

The proceeds from the Offering will be utilized for further investment into FluroTest Systems Ltd. (“FluroTest”) to develop and commercialize its rapid antigen testing and pandemic defense system, accelerating optimization work to prepare for clinical trials along with general working capital.

“With this additional investment from FluroTech, FluroTest now has the resources in place to pursue test verification and validation, and remain on track with our FDA submission preparation,” said Bill Phelan, CEO of FluroTest Systems Ltd. “For months now, I’ve been speaking with scores of C-suite executives across Covid-crippled industries to gain a comprehensive understanding about their mass testing requirements. I have connected with the airlines, major entertainment and ticketing companies, professional sports and stadium operators, universities, hospitals and many other businesses that cater to large volume crowds. They are desperate to reopen, but need to make the testing process for mass customers fast, safe and easy. We believe that FluroTest is positioned to address this need, and will be successful as it is purpose-built with both business and their customers’ needs in mind.”

“I would like to thank our existing shareholders who participated in the placement, as well as some new institutional investors who have been following our progress and like what they see,” said Danny Dalla-Longa, CEO at FluroTech. “Our momentum is building.”

In connection with the closing of the second tranche of the Offering, the Company paid a finder’s fee to eligible persons consisting of a cash payment in the aggregate amount of approximately $59,745.34 and the issuance of an aggregate of 442,557 finder’s options (“Finder’s Options”). Each Finder’s Option entitles the holder thereof to acquire one Common Share at a price of $0.15 per share for a period of 12 months from the date such Finder’s Option was issued.

The Common Shares, Warrants and Finder’s Options issued under the second Tranche of the Private Placement are subject to a hold period under applicable securities laws until May 22, 2021.

Investor Relations Agreement

The Company also announced it has entered into an investor relations agreement with MarketSmart Communications Inc. (“IR Agreement”) pursuant to which MarketSmart will provide investor relations (IR) services to FluroTech.

MarketSmart Communications is a Vancouver, British Columbia-based corporate communications service. They will provide investor communication services to their national and international network which they have curated since they began in 2002.

“The addition of the MarketSmart Communications team expands our ability to clearly and effectively communicate our progress with a much wider audience, and comes at an exciting and opportune time as we expand industry and regulatory efforts,” said Mr. Dalla-Longa.

Adrian Sydenham, president and a director of MarketSmart Communications, stated: “MarketSmart is thrilled to be awarded the FluroTech investor relations contract. With the Company completing a $2.5 million financing it is now armed with a healthy treasury to increase its investment in FluroTest and FluroTest’s high scalability rapid, point-of-care test, which potentially can help aid the economy’s recovery during the COVID-19 pandemic. The FluroTest technology could be a frequent testing solution to safely open to full capacity sports and concert venues, airlines and universities.”

Pursuant to the IR Agreement, MarketSmart will be paid $9,500 per month for six months, plus applicable taxes, and will be granted an incentive stock options to purchase 300,000 common shares of FluroTech at a price of $0.36 per share for a term of two years in accordance with the FluroTech’s stock option plan. The options will vest over 12 months, with ¼ of the options vesting every 3 months. MarketSmart and its principals will act at arm’s length to FluroTech and currently have no direct or indirect interest in the securities of FluroTech, or any right or intent to acquire such an interest, with the exception of the options. The IR Agreement and grant of the options are subject to the approval of the TSX Venture Exchange.

About FluroTech (TSXV: TEST) (OTCQB: FLURF)

FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples for specific applications. Using technology that was first developed at the University of Calgary, FluroTech has created a two-part solution consisting of its CompleTest™ platform technology and consumable testing kits. Its accuracy has been independently validated. FluroTech continues to develop additional applications for the CompleTestTM platform technology. To learn more, visit FluroTech.com

About FluroTest Systems Ltd

FluroTest, a first-mover in surge-scale rapid antigen testing for the detection of SARS-CoV2 and other pathogens, is developing a pandemic defense and economic recovery system purpose-built for businesses and special-needs populations requiring fast and highly efficient testing for significant numbers of people. Unlike individual or low-throughput tests, FluroTest’s system is designed to be well-suited for high-traffic, high-risk pandemic environments including schools and colleges, hospitals and large healthcare facilities, athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, shopping centers, manufacturing facilities, transportation and distribution hubs, and other large business and retail locations. Created to support executive business continuity efforts, the system combines and leverages the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing — processing thousands of tests per hour while delivering accurate, digitally verifiable results to a test taker’s mobile device within 5 minutes. To learn more, visit FluroTest.com

Although FluroTest has achieved proof of concept prototype, the testing method and device is still in the early stages of research and development and accordingly FluroTest is not currently making any express or implied claims that the technology can, or will be able to, accurately detect the COVID-19 virus. The Platform is currently pending FDA approval.

Contact Information

FluroTech Ltd.
Danny Dalla-Longa
Chief Executive Officer
403.680.0644
[email protected]FluroTech.com
www.FluroTech.com

MarketSmart Communications Inc.
1-877-261-4466
[email protected]

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about: (i) the Offering and the Company’s expected use of proceeds; (ii) the development of the test being developed by FluroTest, the benefits thereof and the market therefor; and (iii) the benefits of engaging MarketSmart to provide investor relations services to the Company. These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, including, without limitation, prevailing market conditions and general business, economic, competitive, political and social uncertainties, as well as the ability of FluroTest to develop and commercialize its technology in a timely manner and to obtain the regulatory approvals and financing required in connection with the same, to develop the forward-looking information in this news release. 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.

Actual results may vary from the forward-looking information in this news release due to certain material risk factors described in the Corporation’s Annual Information Form under the heading “Risk Factors” and the failure to use the proceeds of the Offering as set out herein, the risk that competitors will develop a similar or superior testing platform, the technology not having the anticipated testing benefits, the inability of FluroTest to obtain the necessary regulatory approvals to market its technology, the inability of the Company to obtain financing to achieve its purpose on satisfactory terms or at all, the failure to form strategic partnerships necessary to deploy and distribute the technology and the failure to realize the anticipated benefits from engaging MarketSmart. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.

The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Source: https://www.cannabisfn.com/flurotech-announces-closing-of-oversubscribed-2-5-million-private-placement-financing-and-announces-communications-engagement-for-investor-relations-services/

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