Licensed producer Sun Pharm Investments Ltd. -
which is merging with Bevo Agro to
become Zenabis Global - receives a $1m investment from Songhees Nation
VANCOUVER, Oct. 24, 2018
/CNW/ - Bevo Agro Inc. (TSXV: BVO) ("Bevo") and Sun Pharm
Investments Ltd. "Sun Pharm" are pleased to announce that
Sun Pharm has received a
$1m equity investment from the
Songhees Nation. The investment took the form of a private
placement of 345,610 common shares of Sun
Pharm at a price of $2.82 per
share.
Songhees is a First Nation in Victoria
BC with a progressive vision rooted in tradition and
culture. Songhees Nation is known across Canada as a leader in sectoral self-governance
and economic development. The Nation operates six businesses in
tourism, hospitality, property development and marine industrial
services.
The investment forms part of the parties commitment to extend
partnerships and engage with a range of communities, associations
and governing bodies.
"As both CEO of Zenabis and a lifelong British Columbian, I am
hugely gratified to have received this investment by the Songhees
Nation," said Rick Brar, Chief
Executive Officer of Zenabis. "We look forward not only to growing
this significant investment for Songhees members, but to future
opportunities to work with Songhees leadership on initiatives that
support the Nation's economic development."
Songhees Chief Ron Sam says "our
Nation invested in Zenabis after careful deliberation and community
discussion. This is a long term investment in a company whose
vision we believe in."
To date, Zenabis has received investments from Millbrook First
Nations and Listuguj First Nations in two provinces in Atlantic Canada. This new investment into
Zenabis by the Songhees Nation on the west coast marks the latest
step in forming close, mutually beneficial relationships with all
Zenabis stakeholders across Canada.
As previously announced on announced October 4, 2018, Bevo and
Sun Pharm have entered into an arrangement agreement with
respect to a reverse take-over of Bevo (the "Transaction"), and
announced that the resulting issuer will change its name to Zenabis
Global Inc. ("Zenabis"). Through Sun
Pharm's subsidiary licensed producer Zenabis Ltd.
("Zenabis"), Zenabis Global Inc. will have nearly 3.5 million
square feet of available production space. On completion of
the Transaction, the shares of Sun
Pharm that have been issued to the Songhees Nation will be
exchanged for shares of Bevo on a one for one basis.
Completion of the Bevo-Sun Pharm Transaction remains subject to
review and approval by the TSX Venture Exchange ("TSXV"),
shareholder approval and approval of the BC Supreme Court.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
About Bevo
Agro
Bevo Agro is
North America's leading supplier
of propagated agricultural plants, operating approximately 53 acres
of state-of-the-art greenhouse facilities on 98 acres of land in
Langley, BC and 20 acres of land
in Pitt Meadows, BC. The company
has entered into a binding agreement to acquire 10.4 acres of
greenhouse space on 50 acres of land in Aldergrove, British Columbia (the "Greenhouse
Acquisition"). The Company's main products have been the
propagation of vegetable plants such as tomatoes, peppers,
cucumbers, and other plants such as bedding plants, flowers and
grasses. The Company markets its products to established
greenhouse growers, nurseries and retail outlets throughout
North America.
About Sun
Pharm
Sun Pharm has
significant experience in agriculture, technology, pharmaceutical
sales, consumer packaged goods, international distribution and
brand marketing, with cannabis and cannabis-related purchase orders
from the provinces of New
Brunswick, British
Columbia, Nova Scotia, and
Yukon Territory. Sun Pharm is currently a privately-held cannabis
company which has one of the largest, federally licensed indoor
medical cultivation footprints in Canada, operating two licensed production
facilities in British Columbia and
New Brunswick, with a third
expected to be coming online shortly in Nova Scotia. These facilities encompass
660,000 square feet of indoor pharmaceutical grade cannabis
production space, strategically positioned on Canada's coasts, facilitating national
distribution and access to international markets. Sun Pharm is currently working towards globally
recognized EU GMP certifications. Sun Pharm has a management
team with decades of experience in the industry, with expertise in
retail consumer packaged goods, global pharmaceutical sales and
manufacturing, quality assurance, and commercialized cultivation.
The growing team has more than two decades of experience in organic
cultivation and distribution of herbs and nutraceutical products
throughout the Americas, North
Africa, and the Middle East. Sun Pharm's sales team has
more than two decades in product development, commercialization,
and retail and pharmaceutical sales including international
distribution.
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Bevo, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the completion of
the Transaction. Forward-looking information is based on
information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Bevo's control. These risks,
uncertainties and assumptions include, but are not limited to,
those described Bevo's Management's Discussion & Analysis for
the fiscal year ended June 30, 2018,
a copy of which is available on SEDAR at www.sedar.com, and could
cause actual events or results to differ materially from those
projected in any forward-looking statements. Bevo does not intend,
nor does Bevo undertake any obligation, to update or revise any
forward-looking information contained in this news release to
reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
For more information,
Follow Zenabis on Facebook @zenabismmj or on Twitter and
Instagram @Zenabis
Follow Zenabis' adult-use brand, Namaste, on Twitter, Facebook
and Instagram @namastedotcom.
SOURCE Bevo Argo Inc.