Praveen Varshney reports
BLISSCO COMPLETES ACQUISITION AND CLOSES OVER-SUBSCRIBED FINANCING
BlissCo Cannabis Corp. (formerly Trigen Resources Inc.) has completed its previously announced acquisition of BlissCo Holdings Ltd., effective Feb. 23, 2018.
In conjunction with the acquisition, the company has completed an oversubscribed financing of 18,684,043 units at 30 cents per unit for aggregate gross proceeds of $5,605,213. Each unit comprises one common share and one share purchase warrant. Each warrant entitles the holder to acquire one share at an exercise price of 60 cents for a period of two years, provided that the company may accelerate the expiry date by providing 20 days of notice in the event that the shares have a volume-weighted average price of 80 cents or higher for a period of 10 consecutive trading days. All securities issued under the financing were issued on a postconsolidated basis and are subject to a four-month hold period in accordance with applicable securities laws.
Trading on the Canadian Securities Exchange under the symbol BLIS is expected to commence early this week.
"Closing of the acquisition represents a significant milestone for the company as we look to complete the construction of our facility," said Damian Kettlewell, the company's chief executive officer. "The capital raised under the financing will be used towards completing the steps necessary for the company to obtain a licence to produce and sell marijuana."
Further information regarding the acquisition is set forth in the company's listing statement supporting its application for listing on the CSE. A copy of the listing statement is available under the company's profile on SEDAR.
About BlissCo Cannabis Corp.
BlissCo is constructing an urban Access to Cannabis for Medical Purposes Regulation (ACMPR) cultivation facility with a focus on being a high-volume packager, processor and distributor of recreational cannabis (when it is legal in Canada, which is currently anticipated to be by July, 2018) and medical cannabis. It recently took ownership of its 12,600-square-foot industrial facility in Langley, B.C., and, considering the May, 2017, changes Health Canada announced to the licensing process, BlissCo is confident that its licence will be earned shortly after completing construction.
With an ACMPR cultivation and then a sales licence, BlissCo will grow and sell dried cannabis and cannabis oil to approved medical patients through its on-line portal and service excellence call centre. BlissCo will focus on high-volume sales opportunities in the legal cannabis market when individual distribution models are established by Canadian provinces and territories.
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