PUF Ventures closes first portion of multi-million-dollar deal with Delta Organic Cannabis
VANCOUVER - Vancouver, B.C.-based cannabis company PUF Ventures Inc. announced that it has closed a $12.5-million first portion of $40 million Equity Participation and Earn-In Agreement with Toronto-based cannabis investment company Delta Organic Cannabis Corp.
It also issued the first portion of 5,572,755 common shares of the company at a deemed price of $2.24 per share.
"I am very pleased to report that we have received the first $12.5 million of a proposed $40 million financing to retrofit a 2.2 million square foot greenhouse for cannabis cultivation," Derek Ivany, president and chief executive officer of PUF Ventures Inc. said in a press release. "It has been a historic seven days for our company with the granting of our license to produce from Health Canada, the legalization of cannabis in Canada and now the receipt of the initial funding from DOCC to retrofit a truly large-scale greenhouse in Delta, B.C.
“These are significant milestones that have vaulted PUF Ventures into a prominent licensed producer. I have assembled a team of industry experts to oversee the retrofit and manage operations once complete and ensure the long-term success of the company,” Ivany continued. “I look forward to the days ahead as we move the company from an applicant to a leading cannabis producer in Canada and around the world."
The shares are being issued pursuant to the Equity Participation and Earn-In Agreement dated Sept. 25, 2018 as amended on Oct. 11, 2018, with Delta Organic Cannabis Corp.
The shares are subject to a statutory four-month hold period.
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