Shareholders of Grunewahl Organics Inc. Approve SugarBud’s Acquisition of Grunewahl
CALGARY, Alberta, Sept. 17, 2018 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) (trading as Relentless Resources Ltd.) is pleased to announce that shareholders of Grunewahl Organics Inc. (“Grunewahl”), who voted at a special meeting of the shareholders on September 11, 2018, unanimously approved the previously announced acquisition (the “Acquisition”) of Grunewahl by SugarBud.
Closing of the Acquisition remains contingent upon receiving approval of Change of Business of the Company from an oil and gas company to a cannabis company (“Change of Business”) from the TSX Venture Exchange and is subject to closing conditions customary to transactions of the nature of the Acquisition. The Company is working diligently to complete Change of Business and is currently in the advanced stages of the process.
SugarBud plans to provide updates regarding Change of Business, the name change to SugarBud and the stock symbol change to SUGR, the previously announced rights offering, the previously announced second tranche of the cross-investment with Inner Spirit Holdings Ltd. (“Inner Spirit”), and the construction of its cannabis cultivation facility at Stavely, Alberta (the “Facility”) as soon as possible.
About SugarBud Craft Growers Corp.
SugarBud is a Calgary based emerging cannabis and oil and natural gas company engaged in the development, acquisition and production of cannabis and natural gas and crude oil reserves in Alberta.
For further information regarding this news release, please contact:
| Craig Kolochuk President & Chief Executive Officer SugarBud Craft Growers Corp. Phone: (403) 875-5665 E-mail: | Jeff Swainson Chief Financial Officer SugarBud Craft Growers Corp. Phone: (403) 796-3640 E-mail: |
| Investor Relations Contact Gary Perkins, President Tekkfund Capital Corp. Tel: (416) 882-0020 E-mail: Website: Address: Suite 620, 634 ‐ 6th Avenue S.W., Calgary, Alberta T2P 0S4 Telephone: 403‐532‐4466 Fax: 587‐955‐9668 | |
Forward Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company’s assessment of future plans and operations, and, more particularly, statements concerning the completion of the Acquisition, the rights offering, the Change of Business, the second tranche of the Inner Spirit investment, and the construction of the Facility. When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company which include, but are not limited to, the timely receipt of all required securityholder, TSXV and regulatory approvals and the satisfaction of other closing conditions in accordance with the terms of the amalgamation agreement entered into between SugarBud and Grunewahl and the investment agreement entered into between SugarBud and Inner Spirit. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals, including receipt of cultivation and sales licenses from Health Canada, not being obtained in the manner or timing anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations, including future legislative and regulatory developments involving medical and recreational marijuana; construction delays; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company’s annual information form (“AIF”) and management’s discussion and analysis (“MD&A”) for the year ended December 31, 2017 for additional risk factors relating to the Company. The AIF and MD&A can be accessed under the Company’s profile on
Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
