VANCOUVER, BC / ACCESSWIRE / November 19, 2019 / Experion Holdings Ltd. (“Experion or “the Company”) (TSXV:EXP)(OTCQB:EXPFF)(FRANKFURT:MB31) has closed the private placement previously announced on November 14, 2019. The private placement consists of 1,666,667 common shares at a price of $0.15 per share for gross proceeds of $250,000 from Mr. Jay Garnett, the Chief Executive Officer of the Company. Experion is the parent company of Experion Biotechnologies Inc.; a Health Canada licensed cultivator and processor of Cannabis.
The placement to Mr. Garnett constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61‑101 ‑ Protection of Minority Security Holders in Special Transactions (“MI 61‑101”) adopted in the Policy. The Company will rely on exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of Mr. Garnett’s participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, exceeds 25% of the Company’s market capitalization (as determined under MI 61-101). Further details will be included in a material change report to be filed by the Company. The material change report will not be filed more than 21 days prior to closing of the placement due to the timing of the announcement of the private placement and closing occurring in less than 21 days.
About Experion Holdings Ltd.
Experion Holdings Ltd. is the parent company of Experion Biotechnologies Inc., a Health Canada licensed cultivator and processor of Cannabis, based in Mission, BC.
Experion Holdings Ltd. is invested in a portfolio of products to address a wide spectrum of consumer needs’ including Medical, Adult-use, and Wellness and Therapeutic products.
Experion trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “EXP” on the OTCQB Venture under the symbol “EXPFF” and on the Frankfurt Stock Exchange under the symbol “MB31”
For further information, please visit the Company’s website www.experionwellness.com or join our Global Investor Forum on 8020 http://connects.company/ExperionEXP where you can read all press releases or contact Investor Relations via Email: [email protected].
Phone: 604 340 3621
This press release contains forward-looking information within the meaning of Canadian securities laws. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, forecast, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company’s equity securities; recent market volatility; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; the risks identified in the Filing Statement, and other risks and factors that the Company is unaware of at this time. The reader is referred to the Filing Statement dated September 25, 2017 and/or the most recent annual and interim Management’s Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company page on SEDAR at www.sedar.com.
SOURCE: Experion Holdings Ltd.
View source version on accesswire.com: