Mr. Chuck Rifici of Cannabis Wheaton reports
ABCANN AND CANNABIS WHEATON ANNOUNCE SIGNING OF AGREEMENT FOR FIRST TRANCHE $15 MILLION INVESTMENT
Further to their joint news release dated May 29, 2017, ABcann Global Corp. and Cannabis Wheaton Income Corp. have signed a definitive subscription agreement pursuant to which Cannabis Wheaton has agreed to purchase $15-million of ABcann common shares at an agreed-upon valuation of $2.25 per share. The first subscription forms part of a larger phased investment by Cannabis Wheaton to finance the development of ABcann's proposed cannabis cultivation facility to be located in Napanee, Ont., known as the Kimmett facility. Completion of the first subscription is expected to occur by July 31, 2017, subject to the fulfilment of customary closing conditions, including applicable TSX Venture Exchange approvals.
Chuck Rifici, chief executive officer of Cannabis Wheaton, commented: "We are delighted to be partnering with ABcann and its first-class management team in the buildout of the Kimmett facility and expansion of ABcann's cultivation footprint. ABcann is an important strategic partner for Cannabis Wheaton and enhances the overall strength of our platform."
Aaron Keay, chief executive officer of ABcann, remarked: "We are pleased to move forward with the initial funding phase of our partnership with Cannabis Wheaton and to welcome them as new equity holders in ABcann. This represents Cannabis Wheaton's first funding allocation, and we look forward to this mutually beneficial relationship as we advance both of our respective companies."
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