TORONTO, ON–(Marketwired – November 27, 2015) –
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
PharmaCan Capital Corp. (TSX VENTURE: MJN) (“PharmaCan” or the “Company”) announces that it has been provided with an update indicating the proposed sale of the Barnes Family Trust’s shares in Peace Naturals is scheduled to close on December 11, 2015 (see press releases dated October 9, 2015 and November 6, 2015). Additionally, PharmaCan has been notified that based on the formula called for in the share purchase agreement, the estimated share price contemplated by this transaction is $7.33 per share. The update also advised the sum of $2.5 Million will be held back on closing pending determination of certain contingent liabilities, resulting in an estimated distribution to selling shareholders at closing of approximately $6.38 per share, with the remaining available holdback to be allocated pro rata to selling shareholders at a later date. The Company has been advised Henderson Partners LLP, Chartered Accountants has been retained to perform a review of the inputs and liabilities that are being used to determine the exact share price calculation.
PharmaCan has notified the Barnes Family Trust that it will be exercising its tag along rights to sell its shares. PharmaCan owns 662,992 shares of Peace Naturals.
There is no assurance the proposed transaction will be completed. The proposed transaction is subject to risks beyond the control of PharmaCan.
About PharmaCan Capital Corp.
PharmaCan is a company in the business of investing in companies either licensed, or actively seeking a license, to produce medical marihuana pursuant to Canada’s MMPR. PharmaCan has a diversified portfolio of investments including investments in 5 of the 26 companies licensed by Health Canada to produce medical marihuana.
Certain statements in this news release constitute forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are not historical facts and involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Generally, these forward‐looking statements can be identified by the use of forward looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes” or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.
All forward looking statements are based on our beliefs and assumptions based on information available at the time the assumption was made. While the Company considers its assumptions to be reasonable and appropriate based on the current information available, there is a risk that they may not be accurate.
All forward-looking information is provided as of the date of this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements. The Company does not undertake to update any forward-looking statements except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.