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SOL Global Investments Corp
Symbol SOL
Shares Issued 54,327,020
Close 2019-07-26 C$ 1.87
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SOL Global acquires 16.76 M HeavenlyRx shares

2019-07-29 09:18 ET - News Release

Mr. Brady Cobb reports


SOL Global Investments Corp. has purchased an additional 16,766,250 common shares in the capital of HeavenlyRx Ltd. at a price of 40 cents for an aggregate subscription amount of $23,909,000.

The subscription is part of a larger private offering by HeavenlyRx of Heavenly shares. As a result of this subscription, SOL Global now holds 44.53 per cent of the issued and outstanding Heavenly shares and the other shareholders of HeavenlyRx collectively hold the remaining 55.47 per cent. The Heavenly shares are subject to an indefinite hold period under applicable Canadian securities laws.

"HeavenlyRx, through the expertise of the new management team under Paul Norman and their stream of acquisitions, is quickly becoming a dominant player in CBD wellness. This is a team and strategy we want to be part of in a large way. SOL Global's continued investment in HeavenlyRx has fast-tracked the onboarding of highly relevant consumer brands to the company's portfolio, ensuring their solid foundation as a leader in the CBD wellness," said Andy DeFrancesco, chairman and chief investment officer of SOL Global.

HeavenlyRx is a privately held hemp and cannabidiol (CBD) operating company focused on acquiring significant ownership interests at minimum, and a short-term mandate to gain absolute control with a 50.1-per-cent to 100-per-cent ownership, in various industry-leading tetrahydrocannabinol-free (THC) companies in the cannabinoid wellness space.

HeavenlyRx's focus is on hemp cultivation, processing and the manufacturing of a diverse range of traditional CBD products, including oils, tinctures, balms and vape-ready products. HeavenlyRx will also own and operate its own retail locations, along with health-related and wellness-related studios where it will generate a repetitive captive audience with a desire for HeavenlyRx's products to be part of its customers' daily routine. It is expected that HeavenlyRx's portfolio will include several proprietary brands across numerous consumer product group verticals, such as cosmetics and beauty products, bath and body products, and infused foods.

SOL Global is a control person of HeavenlyRx as contemplated under applicable Canadian securities laws and therefore the participation of the company in the offering constituted a related party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company's participation in the offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities issued to the company nor the consideration paid by the company exceeded 25 per cent of the company's market capitalization.

About SOL Global Investments Corp.

SOL Global is an international investment company with a focus on, but not limited to, cannabis and cannabis-related companies in legal states of the United States, the hemp and cannabidiol marketplaces, and the emerging European cannabis and hemp marketplaces. Its strategic investments and partnerships across cultivation, distribution and retail complement the company's research and development program with the University of Miami. It is this comprehensive approach that is positioning SOL Global as a future frontrunner in the United States' medical cannabis industry.

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