Orchid Ventures Amends the Terms of Warrants Issued in 2019

Rhea-AI Summary

Orchid Ventures (CSE:ORCD, OTC PINK:ORVRF) announced a reduction in the exercise price of certain common share purchase warrants from $0.18 to $0.09 for up to 10,115,089 common shares. The expiry date has been extended from October 24, 2021 to October 24, 2023. These warrants were originally issued on October 24, 2019, during a private placement, and have not yet been exercised. Approval from the Canadian Securities Exchange is required for these amendments.

Positive

• Reduced exercise price of warrants from $0.18 to $0.09.
• Extended expiry date of warrants to October 24, 2023.
• Potential to attract more investors with lower price point.

Negative

• No warrants have been exercised, indicating potential lack of investor interest.
• Dependence on Canadian Securities Exchange approval could delay implementation.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / March 26, 2021 / Orchid Ventures, Inc. (the "Company" or "Orchid") (CSE:ORCD)(OTC PINK:ORVRF) announces that the Company has reduced the exercise price of certain common share purchase warrants (the "Warrants") for the purchase of up to 10,115,089 common shares in the capital of the Company (the "Shares") from $0.18 per Share to $0.09 per Share. The expiry date of the Warrants has been extended from October 24, 2021 to October 24, 2023. These Warrants were originally issued on October 24, 2019 as part of a private placement. No Warrants have been exercised and insiders of the Company do not hold any of the Warrants.

Amendment of the exercise price and expiry date of the Warrants is subject to the approval of the Canadian Securities Exchange.

About Orchid Ventures, Inc.
Orchid Essentials is a California-based cannabis innovation company that has developed a mass-market brand and loyal consumer following with its premium cannabis products and unique vape hardware delivery systems. Orchid also owns 100% of PurTec Delivery Systems, a company that produces, markets and sells clean vaporizer hardware that has been emissions tested against the most stringent standards in the world set forth by the EU and has unrivaled product quality and value pricing. Orchid's management brings significant branding, product development and distribution experience with a proven track record of scaling businesses and building sustainable revenue growth through value-generating partnerships and innovation that creates enterprise value. Learn more at https://orchidessentials.com/

ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.
Corey Mangold
CEO and Director
investors@orchidessentials.com

Investor Relations
Corey Mangold
949-357-5818
corey@orchidessentials.com

CAUTIONARY STATEMENT REGARDING "FORWARD‐LOOKING" INFORMATION: This news release contains forward‐looking statements. The Company has provided the forward‐looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward‐looking statements may prove to be incorrect. All such forward‐looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward‐looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward‐looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

SOURCE: Orchid Ventures, Inc.

View source version on accesswire.com:
https://www.accesswire.com/637737/Orchid-Ventures-Amends-the-Terms-of-Warrants-Issued-in-2019

FAQ

What is the new exercise price for Orchid Ventures' warrants?

The exercise price has been reduced from $0.18 to $0.09.

When is the new expiry date for the warrants issued by Orchid Ventures?

The expiry date has been extended to October 24, 2023.

How many common shares can be purchased through Orchid Ventures' warrants?

Up to 10,115,089 common shares can be purchased.

When were the warrants originally issued by Orchid Ventures?

The warrants were originally issued on October 24, 2019.

What condition must Orchid Ventures meet to finalize the warrant amendments?

The amendments are subject to approval by the Canadian Securities Exchange.