Vancouver, British Columbia, August 8, 2017, Acana Capital Corp. [CSE:ACM/FF:711] (the “Company” or “Acana”) announces that due to overwhelming demand, including significant institutional interest, the terms of the financing announced July 28, 2017 to be concurrent with the acquisition of Blockchain Technology Group Inc. (“BIG”) have been amended. The financing originally announced at $0.25 per share for gross proceeds of $2.5 million has been increased to $0.35 per share for gross proceeds of $3.5 million. The financing will be conducted on a non-brokered basis. The proceeds of the financing will be used for the acquisition and funding of BIG as announced July 28, 2017.
The Company also announces that it has appointed Kevin Ma to the Company’s Board of Directors. Mr. Ma was recently appointed as Chief Financial Officer of the Company on July 28, 2017.
The increase in the financing size and price was made in the context of the market following the announcement of the transaction with BIG and “due to the unprecedented interest in BIG and the fact that Acana offers investors one of the very few avenues to publicly invest in the space which has driven demand for the financing and motivated the Company to upsize the financing to accommodate the sophisticated and institutional investors,” stated Kevin Ma, Acana Chief Financial Officer and Director.
A finder’s fee will be paid to qualified finders in connection with the financing. Closing of the financing and any associated fees are subject to regulatory approval.
ON BEHALF OF THE BOARD
Kevin Ma, CFO and Director
Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.