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Pure Extracts Technologies Corp. Ends Offering Special Warrants and Debt Settlement and Grant Options, Canadian Business Journal

Not for distribution to US news wire services, or for direct or indirect, whole or partial release, publication, distribution, or distribution within the United States or within the United States.

Vancouver, British Columbia, March 8, 2022 (GLOBE NEWSWIRE) — Pure Extracts Technologies Corp. (“”Pure extract” or “society“) (CSE: PULL) (XFRA: A2QJAJ) is a non-intermediary private placement (“Recruitment“) Special warrants (each”Special warrant“). In connection with the offering, we issued a total of 5,937,001 special warrants at a price of $ 0.075 per special warrant for a total revenue of $ 445,275. We have also terminated our proposal to settle a total of $ 206,433 in debt owed to a particular creditor (“Debt settlement“) In exchange for the unit (“”Debt unit”), These debt units have the same conditions as the units issued at the time of conversion of the special warrant. All of this is explained further below.

Offering special warrants

Special warrants are automatically converted to units (“unit”) Early receipt of a prospectus eligible for unit distribution, or 4 months and 1 day from the end of the offering. Each unit consists of one share of our common stock (each “”Common stock“) And one common stock purchase warrant (“, respectively.”warrant“). Each warrant gives the holder the right to acquire one share of common stock (“Warrant share”) At an exercise price of $ 0.15 per warrant share for 24 months from the date of the deemed exercise of the special warrant.

Finder fee $ 14,169 cash and 188,930 finder warrants (eachFinder warrant“) Was paid and issued in connection with the offering. Each finder’s warrant gives its holder the right to purchase one share of the company’s common stock (each “”Warrant share in the finder”) Until March 7, 2024, at an exercise price of $ 0.15 per Warrant share in Finder.

All securities issued under the offering are subject to the statutory 4-month plus 1-day holding period and will expire on July 8, 2022, in accordance with applicable Canadian securities law.

We plan to use the net revenue from the offering primarily for the construction and general working capital of our extraction facility in Michigan, USA.

As a supplement, we may choose to qualify for the distribution of common stock and warrants that can be issued by exercising special warrants (“Prospectus supplement”) Our short foam base shelf prospectus dated March 4, 2021. We are not obligated to submit a prospectus supplement and may choose to submit it at our discretion. Special warrants and warrants are not listed on the stock exchange or over-the-counter market.

Our three insiders have applied for a total of 656,666 special warrants in connection with the offering. Such participation is considered a “related party transaction” as defined in Multilateral Treaty 61-101 (“”MI 61-101“). This transaction has been exempt from the formal evaluation of MI 61-101 and the approval requirements of minority shareholders. This is because neither the fair market value of the securities issued nor the consideration paid by such persons exceeded 25% of our market capitalization.

Debt settlement

Following debt settlement, we issued 2,752,448 debt units and settled a total of $ 206,433. Debts settled by our insiders account for 1,035,073 debt units, equivalent to approximately $ 77,630 of debt settlements. Such participation constituted a “related party transaction” within MI61-101. Issuance to Insiders is due to the formal valuation of MI61-101 and minority shareholders as the fair market value of the securities issued, or the consideration paid by such persons, did not exceed 25% of our market capitalization. Exempt from approval requirements.

All securities issued under debt settlement are subject to the statutory 4-month plus 1-day holding period and will expire on July 8, 2022, in accordance with applicable Canadian securities law.

Option grant

We also announced that we have granted incentive stock options to certain of our directors, officers and consultants to purchase up to 4,225,000 shares of common stock in our capital in accordance with our stock option plans. Options are available for exercise at an exercise price of $ 0.075 per share prior to March 8, 2025. Granting options requires regulatory approval.

The securities mentioned in this news release have not been amended or registered under the Securities Act of 1933. It may not be offered or sold in the United States or for your account or profit. Americans lack the applicable exemption from US registration or US registration requirements. This news release does not constitute an offer to sell securities or solicit an offer to buy securities.

About the company

We have the following standard processing licenses: Cannabis control Pure Extracts Manufacturing Corp., a wholly owned subsidiary of Health Canada, from Health Canada on September 25, 2020. Was granted to. We develop our own branded products that incorporate paid processing, white labeling, and full-spectrum THC and CBD-based extract oils. In addition, we are currently expanding our business, including functional mushroom extraction, by working on a functional mushroom extraction process that is compatible with our existing infrastructure. We have a fully constructed C02 extraction facility built according to European Union GMP standards and its business so that such products can be exported for sale in Europe where it is legal. Will require EU GMP certification.

For more information, please visit https: //pureextractscorp.com/.

Or contact:
Investor Public Relations for Pure Extracts
Tel: +1 604 493 2052
info@pureextractscorp.com

On behalf of the board

(Signed) “Ben Nikolaevsky
Ben Nikolaevsky
CEO and director

This information release contains information about specific future prospects, including proposed use of offering revenue, submission of prospectus supplements, receipt of CSE approval, and a list of warrants. Because such information includes known and unknown risks, uncertainties, and other factors whose actual results, performance, or outcomes may differ materially from those described here. These statements should not be read as a guarantee of future performance or results. All forward-looking statements are based on our current beliefs, our assumptions, currently available information, and other factors. Readers should be careful not to place undue reliance on these forward-looking statements. These statements are given only as of the date of this press release. Due to the risks and uncertainties we have identified in our public securities filings, including the risks and uncertainties, actual events may differ materially from current expectations. We disclaim any intention or obligation to update or revise any forward-looking statement as a result of new information, future events, etc.


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Pure Extracts Technologies Corp. Ends Offering Special Warrants and Debt Settlement and Grant Options, Canadian Business Journal

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