Kelowna, British Columbia--(Newsfile Corp. - August 15, 2019) - This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Citation Growth Corp. ("Citation") is a reporting issuer containing information with respect to the foregoing matters.
On August 6, 2019 ACC Enterprises, LLC ("ACC Enterprises") acquired 16,714,500 common shares of Citation Growth Corp. ("Citation") in connection with a share exchange agreement (the "Definitive Agreement") entered into between ACC Group of Companies ("ACC") and Citation on June 17, 2019, having a deemed total value of $13,371,600 based on deemed value per share of $0.80.
As further described in Citation's press release of June 17, 2019, ACC and Citation entered into a Definitive Agreement for a business combination (the "Business Combination") such that the shareholders of ACC Enterprises would exchange common shares of ACC for common shares of Citation per the terms of the Definitive Agreement (the "Citation Common Shares"). Prior to the Business Combination, ACC Enterprises owned nil Citation Common Shares. Following the completion of the Business Combination ACC Enterprises has ownership, control and direction over 16,714,500 Citation Common Shares, representing approximately 14% of the issued and outstanding Citation Common Shares on a non-diluted basis.
The Citation Common Shares have been acquired for investment purposes. 12,530,695 of the Citation Common Shares are subject to a voluntary escrow agreement in a substantially similar form to National Policy 46-201 - Escrow for Initial Public Offerings for established issuers. In connection with the Business Combination, Howard Misle has been appointed Chief Financial Officer of Citation, as more fully described in the Citation press release of June 17, 2019.
The Canadian Securities Exchange has not reviewed and does not accept the responsibility for the adequacy of this press release.
About Citation Growth Corp.
Citation Growth Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Citation has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions and is seeking expansion opportunities worldwide.
102, 1561 Sutherland Avenue
About the ACC Group of Companies
The ACC Group of Companies holds indoor cannabis cultivation licenses in the State of Nevada. Primarily located in Pahrump, Nevada, ACC Group of Companies prides itself on its expansive collection of premium cannabis cultivars and its innovative seed genetics program.
1261 East Calvada Blvd.For further information:
A copy of the Early Warning Report will appear with Citation's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Rahim Mohamed at (403) 605-9429.
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46997
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