City View Extends Private Placement of up to $1,000,000
City View Green Holdings Inc. extends its non-brokered private placement to raise up to $1,000,000 through the issuance of up to 100,000,000 units at a price of $0.01 per unit. The private placement includes common shares and warrants, with the opportunity to accelerate the expiry date of the warrants under certain conditions. City View intends to utilize the net proceeds for general corporate purposes. Additionally, the company's board of directors is exploring strategic alternatives to maximize shareholder value, including the potential spin-out of a subsidiary as a standalone public company.
City View extending the private placement signifies the company's efforts to raise capital for potential growth and development opportunities.
The approval from the Canadian Securities Exchange (CSE) to extend the private placement demonstrates confidence in City View's business model and potential future prospects.
Participation of directors and officers in the private placement as a related party transaction might raise governance concerns among shareholders.
The potential acceleration of the expiry date of warrants based on stock price conditions could dilute existing shareholder value if exercised.
Not for distribution to United States newswire services or for dissemination in the United States.
Toronto, Ontario--(Newsfile Corp. - May 6, 2024) - City View Green Holdings Inc. (CSE: CVGR) (OTC Pink: CVGRF) (the "Company" or "City View"), an innovative Canadian-based cannabis-infused edibles manufacturing company, is pleased to announce that it has received approval from the CSE to extend its non-brokered private placement as previously announced on March 4, 2024. City View intends to raise gross proceeds of up to
Each Unit shall consist of one common share (each a "Share") in the capital of the Company and one-half common share purchase warrant (each a "Warrant"). Each whole Warrant will entitle the holder thereof to acquire one common share of the Company (each a "Warrant Share") at a price of
The Units will be offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. Directors and officers of the Company may acquire securities under the Private Placement, which will be considered a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
The non-brokered private placement is subject to all necessary regulatory approvals. The Company will pay finders' fees to eligible finders in connection with the Private Placement, subject to compliance with applicable securities laws and CSE policies. The securities being issued in the Private Placement will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws. The Company intends to use the net proceeds of the Private Placement for general corporate purposes.
In addition, City View announces that, further to its press release of November 7, 2023, its Board of Directors is continuing its review process of exploring, reviewing and evaluating a broad range of strategic alternatives with the intent to unlock and maximize shareholder value. The Board's strategic review process encompasses an evaluation of the Company's current strategic direction, operations, market valuation and capital structure and the Directors are considering appropriate strategic, business and financial alternatives for the Company. One such alternative that the Company is exploring is the spin-out of its wholly-owned subsidiary as a standalone public company.
The Board has not set a timetable to complete the strategic review process nor have any decisions been made relating to strategic alternatives at this time. There can be no assurance that the review process will result in a transaction. City View does not intend to provide any updates or make any announcements unless or until it determines that further disclosure is appropriate or necessary.
While the review process is ongoing, City View's management remains committed to executing the Company's strategy and business plan with the full support of the Board.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
About City View Green Holdings Inc.
City View is a leading consumer packaged goods company focused on the development of cannabis infused edibles with the receipt of its Cannabis Act processing license on April 30, 2021. In addition, City View owns a
For further information contact:
City View Green Holdings Inc.
Rob Fia, CEO & President
Phone: 416.722.4994
Email: rob@cityviewgreen.ca
Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements which are not composed of historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated or implied by forward-looking statements and information. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, availability and costs of financing needed in the future, changes in equity markets, delays in the development of projects, and ability to predict or counteract potential impact of COVID19 coronavirus on factors relevant to the Company's business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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 forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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FAQ
What is City View Green Holdings Inc. extending in the press release?
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