Mr. Derek Ivany reports
PUF VENTURES ANNOUNCES GREENHOUSE PROJECT UPDATE AND PROPOSED ISSUANCE OF SHARES
PUF Ventures Inc. is proceeding with the 2.2-million-square-foot greenhouse project located in Delta, B.C., which was announced on June 29, 2018. The company has been in discussions with potential financiers regarding financing of the project. PUF Ventures is in the process of finalizing the sublease as well as management and shareholder agreements related to the project. The company has completed several site tours of the facility.
In conjunction with the project, the company plans to issue up to four million common shares of the company for services to key personnel, including related parties assisting with the project. The shares will be issued in tranches, with up to two million shares to be issued next week and up to two million shares to be issued on execution of the outstanding agreements related to the project. The deemed value of the shares will be determined by the closing market price on the day preceding the issuance of the shares.
Additionally, the company has paid a $1.5-million deposit on the project and has spent an additional $200,000 for the hiring of security personnel for the property.
The company is also in discussions with various tissue culture experts and has shortlisted certain experts for potential partnerships.
About PUF Ventures Inc.
PUF Ventures is a growth-oriented and diversified company focused on the international cannabis industry. PUF Ventures has ownership in several cannabis companies: AAA Heidelberg Inc., Solaris Nutraceuticals Pty. Ltd. and Natures Hemp, and is actively pursuing other opportunities within the industry. PUF Ventures has an option to purchase 100 per cent of AAA Heidelberg, a private Ontario company and advanced applicant for an ACMPR (Access to Cannabis for Medical Purposes Regulations) licence.
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