FinCanna Capital Announces Effective Date of 10 to 1 Share Consolidation
FinCanna Capital Corp. has announced a 10-to-1 share consolidation effective December 16, 2021, with a record date of December 10, 2021. Post-consolidation, the total number of outstanding common shares will reduce from 121,146,013 to approximately 12,114,602. The company will also adjust the exercise prices and amounts for stock options and other convertible securities accordingly. Additionally, FinCanna has appointed new board members, Patrick Goggin and Michael Coner, while Morris Reid and Holger Heims are stepping down. The company continues its focus on the U.S. licensed cannabis industry.
- Appointment of experienced board members Patrick Goggin and Michael Coner, enhancing governance.
- Consolidation may improve the stock's market perception and liquidity.
- Consolidation could reflect underlying issues such as the need to enhance share price.
The Company also Announces Changes to its Board of Directors
VANCOUVER, BC / ACCESSWIRE / December 3, 2021 / FinCanna Capital Corp. ("FinCanna") ("the Company") (CSE:CALI)(OTCQB:FNNZF) an investment company focused on the U.S. licensed cannabis industry announces that its common shares will consolidate effective December 16, 2021, on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the "Consolidation"). The record date for the consolidation is December 10, 2021. There will be no change in the Company's name or trading symbol as a result of the Consolidation.
The Company currently has 121,146,013 common shares issued and outstanding and will have approximately 12,114,602 common shares issued and outstanding upon completion of the Consolidation. Each shareholder of FinCanna will hold the same percentage of common shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation.
The exercise price and number of common shares of FinCanna issuable upon the exercise of outstanding stock options, warrants, convertible debentures or other convertible securities will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities. No fractional common shares will be issued. Any fractional interest in common shares that is less than 0.5 of a common share resulting from the Consolidation will be rounded down to the nearest whole common share and any fractional interest in common shares that is 0.5 or greater of a common share will be rounded up to the nearest whole common share.
Letters of transmittal describing the process by which shareholders may obtain new certificates representing their consolidated common shares will be mailed shortly to registered shareholders. Shareholders holding their shares through a broker or other intermediary and consequently not having shares registered in their name will not be required to complete a letter of transmittal.
The new CUSIP and ISIN numbers for the Company are as follows:
*Type of Security: Common Shares
*CUSIP 31773B501
*ISIN CA31773B5018
Corporate Update
The Company is also pleased to announce that effective today Mr. Patrick Goggin and Mr. Michael Coner have been appointed to its Board of Directors.
Mr. Goggin is a 26-year practicing, attorney based in San Francisco and serves as chief counsel for the California Hemp Council. He has waged battle on the legal frontlines of industrial hemp and general cannabis reform for over two decades. Mr. Goggin began working in the cannabis space in 2005 and served on San Francisco's Medical Cannabis Task Force from 2010-11. He also served as co-counsel in the seminal HIA v. DEA 2000s cases. Later, he led the industry effort with Senator Mark Leno in 2013 to finally pass California's Industrial Hemp Farming Act after three vetoes. He recently returned to solo practice after five years with the Hoban Law Group, a cannabis business firm. Presently, Mr. Goggin's practice is focused on helping businesses and individuals to navigate the hemp and cannabis regulatory space locally, nationally, and globally.
Mr. Coner has built a career leveraging a unique combination of hospitality, entrepreneurship, and technology experience that includes creating a chain of high-volume hospitality bars, running a national point of sale software compliance platform and creating compliant go to market strategies for cannabis license holders and brands across the US. He has helped to transform cannabis point of sale technology by spearheading the development of ezGreenTM Point of Sale cannabis compliance software. Additionally, he has worked with cannabis and hemp companies for the past six years in the areas of regulation and marketing strategies for products and services verticals. Mr. Coner, as a member of ASTM D37.05, co-authored Cannabis Cyber Security + Transportation worldwide standards and serves as the technical lead on both committees for the organization. He has also authored over 50 dispensary blogs covering compliance and retail optimization.
The Company also announced effective today that Mr. Morris Reid and Mr. Holger Heims have stepped down from FinCanna's Board of Directors.
Andriyko Herchak, CEO and Director of FinCanna Capital said, "I would like to express my sincere appreciation to both Morris and Holger for their service to the Company and its shareholders over these last few years. They've provided outstanding guidance to our organization during their tenure, and we wish them every success going forward."
About FinCanna Capital Corp.
FinCanna is an investment company that provides growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. FinCanna is focused on delivering high impact returns to its shareholders by way of a strategically diversified investment portfolio.
For additional information visit www.fincannacapital.com and FinCanna's profile at www.sedar.com
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Investor Relations:
Arlen Hansen
Kin Communications
1-866-684-6730
CALI@kincommunications.com
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: the implementation and details of the Consolidation.
With respect to the forward-looking information contained in this news release, FinCanna has made numerous assumptions regarding, among other things: the ability to obtain all necessary regulatory approvals on a timely basis, or at all; and continued economic and market stability. While FinCanna considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause FinCanna's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: regulatory filings may not be filed or approved on a timely basis, or at all; FinCanna may not implement the Consolidation on a timely basis, or at all. A more complete discussion of the risks and uncertainties facing FinCanna is disclosed in FinCanna 's most recent management discussion & analysis and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and FinCanna disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
SOURCE: FinCanna Capital Corp.
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