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Australis Capital Inc
Symbol AUSA
Shares Issued 113,149,755
Close 2019-05-30 C$ 1.10
Recent Sedar Documents

Australis exercises 12.79 M warrants of Body and Mind

2019-05-30 10:10 ET - News Release

Also News Release (C-BAMM) Body and Mind Inc

Mr. Scott Dowty of Australis reports

AUSTRALIS CAPITAL INC. EXERCISES WARRANTS IN BODY AND MIND INC. FOR GROSS PROCEEDS OF $6.39 MILLION

Australis Capital Inc. has exercised 12,793,840 common share purchase warrants of Body and Mind Inc. at an exercise price of 50 cents for gross proceeds of $6,396,920. Upon exercise, Australis received 12,793,840 common shares of the company. The warrants were issued to Australis pursuant to an investment agreement entered into between the company and Australis dated Oct. 30, 2018.

The warrant proceeds were used, in part, to fully repay an outstanding senior secured note in the amount of $4,495,890.41 (U.S.) owing to Australis by the company. Payment of the note included the principal amount of $4-million (U.S.) including accrued interest and an early repayment fee. The remaining warrant proceeds will be used for working capital purposes.

Scott Dowty, chief executive officer of Australis and a director of Body and Mind, commented: "We are pleased to exercise our remaining warrants in Body and Mind. By doing so, our ownership of Body and Mind's issued and outstanding shares increases to 36 per cent. Their improved balance sheet will allow Body and Mind to expand its operations and further access accretive opportunities to increase shareholder value."

Robert Hasman, president of Nevada Medical Group and a director of Body and Mind, commented: "This is a great transaction for both companies and our strategic partnership with Australis has provided Body and Mind with tremendous opportunities as we grow our key platforms and quality lifestyle brand. The expertise of the Australis management team, combined with the Australis network, is industry leading and will be invaluable as we focus our attention on strengthening our key franchises and expansion into new markets."

The warrant shares issued pursuant to the exercise of the warrants are restricted securities as defined under Rule 144(a)(3) of the U.S. Securities Act and contain the appropriate restrictive legends as required under the U.S. Securities Act.

About Body and Mind Inc.

Body and Mind is a company investing in high-quality medical and recreational cannabis cultivation, production and retail. Its wholly owned Nevada subsidiary was awarded one of the first medical marijuana cultivation licences and holds cultivation and production licences. Body and Mind products include dried flower, edibles, oils and extracts as well as G Pen Gio cartridges and Lucid Mood offerings.

About Australis Capital Inc.

A spinout of Aurora Cannabis in September, 2018, Australis identifies and invests in the cannabis industry predominantly in the U.S., a highly regulated, fragmented, rapidly expanding and evolving industry. Investments may include, but are not limited to, equity, debt or other securities of both public and private companies, financings in exchange for royalties or other distribution streams, and control stake acquisitions. Australis adheres to stringent investment criteria and focuses on significant near and mid-term high-quality opportunities with strong return potentials while maintaining a steadfast commitment to governance and community. Australis's board and management team have material experience with, and knowledge of, the cannabis space in the U.S., extensive backgrounds in highly regulated industries, experience adhering to stringent regulatory compliance, and public company and operational expertise.

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