#Cannabisstocks - Canopy Rivers Updates Upcoming Go
Public Transaction; Venture capital investment platform of Canopy Growth
(TSX: $WEED. TO) (NYSE: $CGC)
TORONTO, ON - August 23, 2018 – (Investorideas.com Newswire)
Canopy Rivers Corporation ("Canopy Rivers"), the venture capital
investment platform of Canopy Growth Corporation (TSX:
WEED) (NYSE: CGC)
("Canopy Growth"), is pleased to announce that it has set a date of
September 12, 2018, for its upcoming shareholder meeting in connection with the
proposed business combination involving AIM2 Ventures Inc. ("AIM2")
and Canopy Rivers (the "Go Public Transaction").
Read this in full at http://www.investorideas.com/news/2018/cannabis/08233TSXWEED.asp
As previously announced, Canopy Rivers has entered
into a definitive amalgamation agreement with AIM2, which outlines the terms
and conditions pursuant to which the parties will complete the Go Public
Transaction. The Go Public Transaction will result in a reverse take-over of
AIM2 by Canopy Rivers and will constitute AIM2's "Qualifying
Transaction" under Policy 2.4 – Capital Pool Companies of the TSXV
Corporate Finance Manual.
Subject to receipt of all required approvals,
including the final approval of the TSX Venture Exchange (the
"TSXV"), the Go Public Transaction is expected to close and the
subordinated voting shares of the resulting issuer are expected to commence
trading on the TSXV under the symbol "RIV" during the week of
September 17, 2018.
"With Canopy Rivers, we are well-positioned to
take advantage of the universe of investment opportunities unfolding globally
in the ever-expanding cannabis economy," said Bruce Linton, Chairman and
acting CEO of Canopy Rivers, and co-CEO of Canopy Growth. "The strategic
relationship with Canopy Growth, strong management and access to capital will
enable Canopy Rivers to build upon a proven track record and continue to
develop a leading ecosystem of cannabis companies across the entire cannabis
value chain."
To date, Canopy Rivers has made investments in eleven
domestic and international companies, establishing a diversified portfolio of
licensed producers, late stage licensed producer applicants, pharmaceutical
formulators, brand developers and distributors, retail networks, and technology
and media platforms.
As previously announced, subject to the satisfaction
of certain escrow release conditions, the net proceeds from Canopy Rivers' $104
million subscription receipt financing are expected to be released from escrow
in connection with the closing of the Go Public Transaction. The oversubscribed
private placement, which was co-led by CIBC Capital Markets, GMP Securities
L.P. and Eight Capital, on behalf of a syndicate of agents including Cormark
Securities Inc., INFOR Financial Inc. and PI Financial Corp., closed on July 6,
2018.
About Canopy Rivers:
Canopy Rivers is a unique investment and operating
platform structured to pursue investment opportunities in the emerging global
cannabis sector. Canopy Rivers works collaboratively with Canopy Growth
(TSX:WEED, NYSE: CGC) to identify strategic counterparties seeking
financial and/or operating support. Canopy Rivers has developed an investment
ecosystem of complementary cannabis operating companies that represent various
segments of the value chain across the emerging cannabis sector. As the
portfolio continues to develop, constituents will be provided with
opportunities to work with Canopy Growth and collaborate among themselves,
which Canopy Rivers believes will maximize value for its shareholders and foster
an environment of innovation, synergy and value creation for the entire
ecosystem.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which
constitute "forward-looking information" within the meaning of
applicable securities laws, including statements regarding the plans,
intentions, beliefs and current expectations of Canopy Rivers with respect to
future business activities and operating performance. Forward-looking
information is often identified by the words "may",
"would", "could", "should", "will",
"intend", "plan", "anticipate",
"believe", "estimate", "expect" or similar
expressions and includes information regarding: the timing for the closing of
the Go Public Transaction and the commencement of trading of the subordinated
voting shares of the resulting issuer; the timing and anticipated release of
the net proceeds from the subscription receipt financing; Canopy Rivers'
position and opportunity in the cannabis economy; the ability to build a
leading ecosystem of cannabis companies; and the expected benefits to be
obtained by Canopy Rivers' portfolio companies. Investors are cautioned that
forward-looking information is not based on historical facts but instead
reflect Canopy Rivers' management's expectations, estimates or projections
concerning future results or events based on the opinions, assumptions and
estimates of management considered reasonable at the date the statements are
made. Although Canopy Rivers believes that the expectations reflected in such forward-looking
information are reasonable, such information involves risks and uncertainties,
and undue reliance should not be placed on such information, as unknown or
unpredictable factors could have material adverse effects on future results,
performance or achievements of the combined company. Among the key factors that
could cause actual results to differ materially from those projected in the
forward-looking information are the following: the ability to consummate the Go
Public Transaction; possible termination of the amalgamation agreement; the
ability to obtain requisite regulatory and shareholder approvals and the
satisfaction of other conditions to the consummation of the Go Public
Transaction on the proposed terms and schedule; the potential impact of the
announcement or consummation of the Go Public Transaction on relationships,
including with regulatory bodies, employees, suppliers, customers and
competitors; the re-rating potential following the consummation of the Go
Public Transaction; changes in general economic, business and political
conditions, including changes in the financial markets; changes in applicable
laws, including the approval and implementation of the Cannabis Act; compliance
with extensive government regulation; and the diversion of management time on
the Go Public Transaction. This forward-looking information may be affected by
risks and uncertainties in the business of Canopy Rivers and market
conditions.
Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking information
prove incorrect, actual results may vary materially from those described herein
as intended, planned, anticipated, believed, estimated or expected. Although
Canopy Rivers has attempted to identify important risks, uncertainties and
factors which could cause actual results to differ materially, there may be
others that cause results not to be as anticipated, estimated or intended.
Canopy Rivers does not intend, and does not assume any obligation, to update
this forward-looking information except as otherwise required by applicable
law.
SOURCE Canopy Rivers
For further information: Canopy Rivers Corporation,
Daniel Pearlstein, Executive Vice President, Strategy, Canopy Rivers
Corporation, daniel@canopyrivers.com,
647-475-1115
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