22:24:26 EDT Mon 22 Jul 2024
Enter Symbol
or Name

Cannabis Wheaton Income Corp
Symbol CBW
Shares Issued 263,559,324
Close 2017-11-27 C$ 0.93
Market Cap C$ 245,110,171
Recent Sedar Documents

Cannabis Wheaton to issue 3.01 million shares for debt

2017-11-28 01:35 ET - News Release

Mr. Chuck Rifici reports


Cannabis Wheaton Income Corp. (doing business as Wheaton Income) has entered into settlement agreements with certain of its creditors, pursuant to which the company intends to settle an aggregate of $3,064,943 of debt in consideration for the issuance of an aggregate of 3,018,109 common shares of the company. The company determined to satisfy the indebtedness with common shares to preserve its cash for financing its streaming agreements and for general working capital purposes. The completion of the shares-for-debt settlement is subject to receipt of approval of the TSX Venture Exchange. The common shares issued pursuant to the shares-for-debt settlement will be subject to a statutory hold period of four months and one day.

Insiders of the company will be issued an aggregate of 61,250 common shares pursuant to the shares-for-debt settlement, which will constitute a related-party transaction as defined under Multilateral Instrument 61-101. The proposed shares-for-debt settlement is exempt from the formal valuation approval requirements of MI 61-101 as none of the securities of the company are listed on a prescribed stock exchange. The proposed shares-for-debt settlement is exempt from the minority shareholder approval requirements of MI 61-101 as at the time the shares-for-debt settlement was agreed to, neither the fair market value of the shares-for-debt settlement, nor the fair market value of the consideration for the shares-for-debt settlement, insofar as it involves interested parties, exceeded 25 per cent of the company's market capitalization.

About Cannabis Wheaton Income Corp.

Wheaton Income is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. The company's mandate is to facilitate growth for the company's partners by providing them with financial support and sharing the company's collective industry experience. The company's partners all have different visions, voices and brand values, and all share a common goal: to build a world-class industry based on ethics, diversity, quality and innovation.

We seek Safe Harbor.

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