VANCOUVER, Nov. 20, 2017 /PRNewswire/ - THC BioMed Intl Ltd. (CSE: THC), ("THC" or the "Company") announces the creation of THC2GO Dispensaries. THC, through its wholly-owned subsidiary "THC2GO Dispensaries", has begun the application process to become a cannabis retailer in Manitoba. THC2GO Dispensaries also intends to apply for retail outlets in each Canadian province that permits private cannabis retail outlets.
THC also completed an additional draw down of $400,000 under its previously announced investment agreement with Alumina Partners (Ontario) Ltd. ("Alumina"). The Company issued to Alumina 666,666 units ("Units") at a price of $0.60 per Unit, for total proceeds of $400,000. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company for a period of 36 months from closing at a price of $0.9375 per share.
The proceeds raised through the private placement will be used towards expanding THC's facilities and general working capital.
This brings the total raised through the Alumina private placements to $2,200,000.
THC's vision is to be on the leading edge of scientific research, development of products and services related to the medical cannabis industry while creating a standard of excellence. As the industry develops, it will become more important to focus on scientific research and development of products and services related to medical cannabis. Management believes THC is well-positioned to be in the forefront of this rapidly growing industry.
Please visit our website for a more detailed description of our business and services available. www.thcbiomed.com
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of THC. Forward-looking information is based on certain key expectations and assumptions made by the management of THC. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although THC believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because THC can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release and include that: (a) the company will make application to or become a cannabis retailer in any province in Canada (b) the net proceeds will be used for the stated purposes; (c) THC's vision is to be on the leading edge of scientific research, development of products and services related to the medical cannabis industry while creating a standard of excellence; (d) as the medical marijuana industry develops, it will become more important to focus on scientific research and development of products and services related to medical cannabis; and (e) THC will be in the forefront of this rapidly growing industry.
THC disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.