VANCOUVER, British Columbia, June 06, 2018 (GLOBE NEWSWIRE) — RavenQuest BioMed Inc. (CSE:RQB) (the “Company” or “RavenQuest”) is pleased to announce that it has entered into a binding letter of intent with Western Agripharma Ltd. (“Western Agripharma”) and 0929476 B.C. Ltd. (“NumberCo”) in pursuit of a transaction involving the acquisition of all the outstanding share capital of Western Agripharma and a fifteen (15) acre parcel of land (the “Property”) held by NumberCo.
Western Agripharma is a late stage applicant with Health Canada in the development of a 125,000 square foot facility, purpose-built for the production of cannabis in Port Mellon, on British Columbia’s Sunshine Coast. Western Agripharma also owns 23.75 % of Atlantic Cannabis Corp. which intends to build a 50,000 square foot facility and holds an additional 120 acres in early stage application on Nova Scotia’s Cape Breton Island.
Under the terms of the letter of intent, RavenQuest proposes to acquire all of the share capital in Western Agripharma and the Property in consideration for 4,335,294 common shares of RavenQuest at a deemed price of $0.85 per share.
“This acquisition adds the important British Columbia market to our growing presence in key markets across Canada. RavenQuest will have state of the art licensed cannabis facilities in Ontario, Alberta and British Columbia, the three most dynamic cannabis markets in Canada,” stated George Robinson, CEO of RavenQuest. “The Western Agripharma facility will produce 25,000 kilograms annually, meaning RavenQuest’s planned projects will combine to produce 51,000 kilograms annually at build out,” Robinson continued. “As we often emphasize, our proprietary grow methodologies allow 125,000 square of grow space to feel like two or three times that footprint, when you factor in what our Orbital Gardening can produce in grams-per-square-foot.”
Kevin Smith, President & CEO of Western Agripharma, noted, “Working with RavenQuest means working with the best. Their team of consultants brings a knowledge of facility design, grow methodology and plant science that in our experience is unparalleled anywhere in the industry. We believe it’s important to work with those who have a scientific basis in everything they do. RavenQuest is the leader on that front, and we are thrilled to join an organization that understands the importance of science and the cannabis plant.”
Completion of the acquisition of Western Agripharma and the Property is subject to a number of conditions, including, but not limited to, negotiation of definitive documentation in respect of the acquisitions, and the receipt of any required regulatory approvals. The acquisitions cannot be completed until these conditions are satisfied, and there can be no assurance that either of the acquisitions will be completed at all.
About RavenQuest BioMed Inc.
RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development.
On Behalf of the Board of Directors of
RAVENQUEST BIOMED INC.
Chief Executive Officer
For further information, please contact:
Mathieu McDonald, Corporate Communications
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including statements with respect to the proposed the acquisition of Western Agripharma and anticipated cannabis production from facilities operated by the Company. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.