06:39:05 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Genview Capital Corp
Symbol GVW
Shares Issued 8,400,000
Close 2015-05-08 C$ 0.025
Market Cap C$ 210,000
Recent Sedar Documents

Genview Capital QT target launches new product line

2015-10-13 11:59 ET - News Release

Mr. Praveen Varshney reports

GENVIEW CAPITAL CORP. PROVIDES UPDATE ON QUALIFYING TRANSACTION & RELATED TRANSACTIONS

Genview Capital Corp. is providing the following update with respect to a proposed share exchange with Dharma Distributors Ltd., doing business as Hempco Canada Superfoods (DDL), pursuant to which Genview will acquire all of the issued and outstanding shares of DDL, which shall constitute Genview's qualifying transaction as defined in the policies of the TSX Venture Exchange. The transaction is an arm's-length transaction.

Bridge financing

Genview is pleased to announce that DDL has closed the first tranche of a private placement of convertible notes, whereby DDL issued convertible notes for aggregate proceeds of $225,000. Upon closing of the transaction between Genview and DDL, the principal amount of the notes shall be automatically converted into postconsolidated common shares of Genview at a conversion price equal to 80 per cent of the issue price. The issue price is the price per postconsolidated Genview common share at which Genview conducts a proposed common share concurrent financing in connection with the transaction. The notes bear interest at the rate of 10 per cent per annum and are due in one year unless converted into Genview shares prior.

DDL is proceeding with a second tranche of the offering for a total aggregate amount of up to $500,000. The proceeds of the offering are expected to be used for general corporate and working capital purposes.

DDL business update

DDL has launched a new line of retail products under the Planethemp brand name. The new brand name will be featured on new product formulations as well as distinctive new packaging.

DDL has also completed its refit of processing equipment and site upgrade at its processing facility located in Manitoba. The upgraded facilities were designed to meet the highest levels of HACCP, food safety and GMP standards.

Initial exchange submission and proposed director/officer update

Genview is pleased to announce that it has submitted its initial exchange submission pursuant to exchange Policy 2.4, which included, among other documents, a draft filing statement prepared in accordance with the exchange form of filing statement (Form 3B2). Final acceptance by the exchange is subject to the filing of further documents and information. The exchange has approved a waiver of sponsorship in connection with Genview's acquisition of DDL, subject to the transaction otherwise meeting exchange requirements and certain other conditions.

Genview also announces that the parties have agreed on the proposed directors and officers of the resulting issuer, which are as shown in the table.

Name                                  Position
 
Charles Holmes                CEO and director
Angela Holmes                 COO and director
Praveen Varshney              CFO and director
Lorne Gertner                         Director
Mary-Lynn Bellamy-Willms              Director
Ravinder (Rob) Kang        Corporate secretary

Biographies and full particulars of the transaction will be disclosed in the filing statement, which will be filed under Genview's profile on SEDAR.

About DDL

DDL is a private company incorporated on July 14, 2008, under the British Columbia Business Corporations Act and its head office is located in Burnaby, B.C. Charles Holmes and Angela Holmes of British Columbia each hold 50 per cent of the issued and outstanding common shares of DDL. DDL is a trusted and respected pioneer, innovator and provider of value-added hemp seed foods as a major food source for humans and animals. The Holmes family is well known in the hemp seed food industry and has been involved in the business of hemp seed food research and development, manufacturing, distribution, and marketing for 15 years. The Holmes family is very excited about the future of the hemp food industry and believes that now is excellent timing for major global expansion.

Trading update

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. The Genview shares are currently halted from trading and shall remain so until completion of the transaction, or until satisfactory documentation to allow a resumption of trading is filed with and reviewed by the exchange.

This press release should not be considered a comprehensive summary of the transaction. Additional information required by the exchange will be disseminated at a future date following a satisfactory review by the exchange.

Trading of the Genview shares will remain halted pending receipt and review by the exchange of acceptable documentation regarding Genview following completion of the transaction. The proposed transaction has not been approved by the exchange and remains subject to exchange acceptance. All information provided in this news release related to Genview has been provided by management of Genview and has not been independently verified by management of DDL.

All information provided in this news release related to DDL has been provided by management of DDL and has not been independently verified by management of Genview.

We seek Safe Harbor.

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