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Emerald Health Therapeutics Inc
Symbol EMH
Shares Issued 160,986,373
Close 2020-02-06 C$ 0.29
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Emerald Health closes $2.2M first tranche of offering

2020-02-06 23:04 ET - News Release

Ms. Jenn Hepburn reports

EMERALD HEALTH THERAPEUTICS CLOSES $2.2 MILLION PROSPECTUS SALE

Emerald Health Therapeutics Inc. has closed the first tranche of its $3-million prospectus offering announced in its news release dated Jan. 6, 2020.

Pursuant to this initial closing, Emerald has issued an aggregate of 7,596,551 units of Emerald at a price of 29 cents per unit for total gross proceeds of $2,203,000. Emerald will issue the remaining 2,748,276 units, for gross proceeds of $797,000, upon receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities.

Each unit consists of one common share of Emerald and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share of Emerald at a price of 38.5 cents per warrant share for a period of five years following the closing of the offering.

The company intends to use the net proceeds of the offering for general working capital purposes, including the payment of salaries, lease obligations and inventory purchases.

Emerald has also settled interest accrued to Dec. 31, 2019, on its previously issued convertible debentures in the amount of $383,562 by issuing an additional 1,322,627 common shares at a deemed value of 29 cents per debt share.

The units and the debt shares were distributed pursuant to a shelf prospectus supplement filed in all of the provinces of Canada pursuant to National Instrument 44-102 (Shelf Distributions).

As disclosed in Emerald's news release dated Jan. 31, 2020, Emerald settled $2,022,781 in outstanding debt on Jan. 31, 2020, in exchange for the issuance of shares of Emerald. Emerald wishes to clarify that the debt represented amounts owed by Emerald to a related party under a previously disclosed hemp supply agreement pursuant to which Emerald received approximately 135,000 kilograms of product.

Emerald also announces that Thierry Schmidt is no longer the chief commercialization officer of Emerald. The company thanks Mr. Schmidt for his efforts with Emerald.

In addition, Emerald announces that it issued today an aggregate of 4.25 million stock options to employees, consultants and directors at an exercise price of 29 cents per common share for a period of five years. All stock options will vest 25 per cent on the date of grant and 25 per cent on the first three anniversaries of the date of grant. Emerald has also granted an aggregate of 375,000 restricted share units to certain directors and employees. The restricted share units will vest one year from the grant date and convert into common shares of Emerald at a fair market value of 29 cents per common share. The stock options and restricted share units have been granted pursuant to Emerald's omnibus incentive plan, which has been previously approved by Emerald's shareholders and the TSX Venture Exchange.

About Emerald Health Therapeutics Inc.

Emerald Health Therapeutics is committed to creating new consumer experiences with recreational and wellness-oriented cannabis products. With an emphasis on innovation and production excellence, Emerald has built a platform of distinct operating assets designed to uniquely serve the Canadian marketplace and international opportunities. These assets, all in full production, include: Pure Sunfarms (50 per cent owned) in British Columbia, producing high-quality, affordably priced products in its first 1.1-million-square-foot Delta 3 greenhouse operation; Verdelite, a premium craft operation with an 88,000-square-foot indoor facility in Quebec; and Metro Vancouver, a health and wellness-oriented organic greenhouse and outdoor operation producing in the first of two 78,000-square-foot buildings. Its Emerald Naturals joint venture is creating a new wellness product category with its non-cannabis endocannabinoid-supporting product line and is expanding distribution across Canada.

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