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CALGARY, Alberta, January 11, 2022 (GLOBE NEWSWIRE) – Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.DB, SUGR.WR, SUGR.WS, SUGR.WT) (OTCQB: SBUDF) (“Sugar button“or the”Businessy “) announces that it has posted a management information circular (the”Circular“) to holders (“Shareholders“) of its ordinary shares (“Actions“) within the framework of an annual general and extraordinary meeting (the”Meeting“) of the Shareholders which will be held by means of remote communication via webcast on Tuesday February 8, 2022 at 9:00 a.m. (MST) at:
Meeting link: https://us06web.zoom.us/j/85374306178?pwd=cWpIUmFGNFF6bENyQThxbWJlUUZUUT09
Meeting ID: 853 7430 6178Meeting access code: 310110
At the Meeting, Shareholders will be invited to consider for approval, among other things, a resolution authorizing a consolidation of Shares on the basis of a ratio of between 50 and 100 pre-consolidation Shares for each post-consolidation Share (the “Consolidation“).
The Company wishes to reduce the amount of shares outstanding to a level more in line with that of its industry peers. The Company believes that the consolidation will promote increased liquidity and reduced volatility in the trading of the Shares. The exact consolidation ratio will be determined by the Board of Directors of the Company (the “advice“) when the board considers it to be in the best interests of the company to implement such a consolidation. Despite the approvals received, the board may decide not to proceed with the consolidation, at its discretion.
The Company currently has 569,979,606 shares issued and outstanding. In the event that the Consolidation is completed, for example, on a 100 to one basis, the Company would have approximately 5,699,796 shares outstanding after the Consolidation. In addition, the exercise price and the number of shares that can be issued upon exercise of outstanding convertible securities, including warrants, will be adjusted proportionally when the combination is implemented.
Letters of Transmittal will be mailed to registered shareholders and registered shareholders will be required to deposit their share certificate (s), together with the completed Letter of Transmittal, with Odyssey Trust Company, the Agent of register and transfer of the Company. Non-registered Shareholders holding Shares through an intermediary (a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for handling the Consolidation than those that will be put in place by the Company for registered Shareholders. If Shareholders hold their Shares through an intermediary and have any questions about this, they are encouraged to contact their intermediaries.
For more information on the consolidation and other matters discussed at the Meeting, shareholders are invited to refer to the Company’s management information circular dated January 10, 2022 which is available on the SEDAR profile. of the Company at www.sedar.com.
“Handcrafted Cannabis for a New Era”
Sugarbud is a consumer-driven, artisanal cannabis company focused on the cultivation and production of premium quality, artisanal cannabis products in selected batches. Our vision and mission is to become a trusted and respected consumer brand renowned for delivering exceptional, high-quality artisanal cannabis products to legal markets, delighting the most discerning cannabis consumers.
The Sugarbud Craft Cannabis collection offers consumers “Craft Cannabis for a New Era”. The company is proudly Albertan and takes pride in sharing Western Canada’s long tradition of exceptional artisanal cannabis with discerning enthusiasts. Sugarbud strives to define the intersection of craftsmanship, quality and product value to consumers in the Canadian craft cannabis space.
Sugarbud Craft Cannabis products are currently available to adult recreational consumers in the Yukon Territory, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and nationally to registered medical patients. via CannMart.com.
We are proud.
We take our time.
Experience the difference.
John kondrosky Chief executive officer Sugarbud Craft Growers Corp. Telephone: (604) 499-7847 Email: [email protected]Investor Relations ContactChris MoulsonFinancial directorSugarbud Craft Growers Corp.Tel: (778) 388-8700Email: [email protected]
Address: Suite 620, 634 – 6th Avenue SW, Calgary, Alberta T2P 0S4
Caution regarding forward-looking information
Certain statements contained in this press release may constitute forward-looking information. These statements relate to future events or future performance, including, but not limited to, the Meeting and Consolidation. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “proposed”, “estimated”, “proposed” and expressions and similar statements relating to matters which are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events, including, but not limited to ” limit, expectations and assumptions regarding the timely receipt of all required shareholder approvals, TSXV and regulatory approvals. This forward-looking information is subject to risks and uncertainties which may cause actual results, performance or developments to differ materially from those contained in the statements. Various assumptions or factors are generally applied in drawing conclusions or making the forecasts or projections set forth in forward-looking information. These assumptions and factors are based on the information currently available to the Company. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise the forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained in this document, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.
Source: Sugarbud Craft Growers Corp.