VANCOUVER, British Columbia, Nov. 28, 2017 (GLOBE NEWSWIRE) -- Cannabis Wheaton Income Corp. (d/b/a Wheaton Income) (TSX.V:CBW) ("Wheaton Income" or the "Company") has entered into settlement agreements (the "Settlement Agreements") with certain of its creditors, pursuant to which the Company intends to settle an aggregate of $3,064,943 of debt in consideration for the issuance of an aggregate of 3,018,109 common shares of the Company (the "Shares for Debt Settlement"). The Company determined to satisfy the indebtedness with common shares in order to preserve its cash for funding its streaming agreements and for general working capital purposes. The completion of the Shares for Debt Settlement is subject to receipt of approval of the TSX Venture Exchange. The common shares issued pursuant to the Shares for Debt Settlement will be subject to a statutory hold period of four months and one day.
Insiders of the Company will be issued an aggregate of 61,250 common shares pursuant to the Shares for Debt Settlement, which will constitute a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The proposed Shares for Debt Settlement is exempt from the formal valuation approval requirements of MI 61-101 as none of the securities of the Company are listed on a prescribed stock exchange. The proposed Shares for Debt Settlement is exempt from the minority shareholder approval requirements of MI 61-101 as at the time the Shares for Debt Settlement was agreed to, neither the fair market value of the Shares for Debt Settlement, nor the fair market value of the consideration for, the Shares for Debt Settlement, insofar as it involves interested parties, exceeded 25% of the Company's market capitalization.
ON BEHALF OF THE BOARD
"Chuck Rifici" Chairman & CEO
About Wheaton Income. (TSX.V:CBW)
Wheaton Income is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.
For more information about Cannabis Wheaton and our management team, please visit: http://www.WheatonIncome.com, or follow us on Twitter @WheatonIncome. Call: 1.604.687.7130 Email: Mario@skanderbegcapital.com (http://www.skanderbegcapital.com).
Sarah Bain, VP External Affairs
Notice Regarding Forward Looking Statements:
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: obtaining the necessary TSX Venture approvals for the contemplated transactions and other risks affecting the Company in particular and the medical cannabis industry generally. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
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