September 12, 2022 By Haley Nagasaki
(Globe Newswire) Winnipeg — Delta 9 Cannabis Inc. announces that it has completed a private placement of 1,650,000 common shares of the company, for a deemed price of $0.1250 per common share, to various subscribers.
A number of directors and officers of the company, including John William Arbuthnot IV, Chief Executive Officer, James Lawson, Chief Financial Officer, John William Arbuthnot III, Director and Nitin Kaushal, Director, participated for a total $105,000.00 in the offering.
The insider subscriptions are deemed to be a “related party transaction” as defined under multilateral instrument 61-101- Protection of Minority Security Holders in Special Transactions.
The company is exempt from the formal valuation and minority approval requirements for related party transactions pursuant to subsection 5.5(a) and subsection 5.7(a) of MI 61-101, respectively.
The securities issued in the offering will be subject to a hold period of four months plus a day expiring January 10, 2023.
The final closing of the offering remains subject to the approval of the TSX.
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