Mr. Ray Lagace reports
SPEAKEASY ENTERS INTO AGREEMENT WITH EDITION MEDIA
Speakeasy Cannabis Club Ltd. has entered into an agreement dated March 10, 2020, with Edition Media Inc. pursuant to which Speakeasy will: (i) acquire assets from Edition, and (ii) engage Edition to provide business consulting services to the company.
In consideration of the acquisition of the purchased assets, Speakeasy has agreed to issue Edition 250,000 common shares in the capital of the company. In consideration of the consulting services, Speakeasy has agreed to pay Edition a monthly cash retainer of $20,000, to issue Edition 250,000 Speakeasy shares on each of the third-, sixth- and ninth-month anniversaries of the date of the agreement, and to immediately issue Edition an aggregate of 1.2 million common share purchase warrants. Four hundred thousand of the warrants will have an exercise price of 50 cents per share, 400,000 of the warrants will have an exercise price of 75 cents per share and 400,000 of the warrants will have an exercise price of $1 per share. All warrants will expire 12 months from the date of issuance.
The issuance of the Speakeasy shares and the warrants will be subject to compliance with applicable laws, including the policies of the Canadian Securities Exchange, and be subject to such restricted periods as are required under applicable securities laws and the policies of the Canadian Securities Exchange.
About Speakeasy Cannabis Club Ltd.
Speakeasy Cannabis holds a cultivation, processing and sales licence issued by Health Canada under the Cannabis Act.
owns 290 acres of land in Rock Creek, B.C., and leverages three generations of farming experience in British Columbia, as well as its favourable location, to grow and process high-quality cannabis products at low cost. Speakeasy cultivates small-batch, high-quality craft cannabis in its 10,000-square-foot indoor facility and has recently completed the development of its 60-acre outdoor field. The company's intention, upon receipt of an amendment to its current licence to include the outdoor cultivation area, is to produce approximately 70,000 kilograms of outdoor, sun-grown cannabis in 2020.
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