TORONTO, June 3, 2024
/CNW/ - Canna 8 Investment Trust (TSXV: RCR.P) ("Canna 8" or
the "Trust") is pleased to announce that the Trust intends
to complete a non-brokered private placement (the "Private
Placement") through the issuance of up to 12,120,000 trust
units of the Trust ("Trust Units") to collectively raise
aggregate gross proceeds of up to a maximum of $121,200 at a price of $0.01 per Trust Unit.
The proceeds of the Private Placement will be used to identify
and evaluate assets and business for the Trust's Qualifying
Transaction (as such term is defined in the policies of the TSX
Venture Exchange (the "Exchange")) and to fund general and
administrative expenses as permitted under TSX Venture Policy
2.4. There will be no finder's fee payable in connection with the
Private Placement.
Canna 8 intends to widely distribute the Trust Units issued
pursuant to the Private Placement and no new Control Person (as
such term is defined pursuant to the policies of the Exchange) is
expected to be created as a result of the Private Placement.
It is anticipated that insiders of Canna 8 will subscribe for
Trust Units in the Private Placement in an aggregate amount of
$61,200. The Trust Units issued to
insiders will be subject to escrow in accordance with the
requirements of the Exchange. The issuances of Trust Units to
insiders pursuant to the Private Placement will also be considered
related party transactions within the meaning of TSX Venture Policy
5.9 and Multilateral Instrument 61-101 – Protection of Minority
Security Holders in Special Transactions ("MI 61-101").
Canna 8 intends to rely on exemptions from the formal valuation and
minority approval requirements contained in Sections 5.5(b) and
5.7(1)(b), respectively, of MI 61-101 in respect of such insider
participation.
The Private Placement is subject to the acceptance of the
Exchange.
About the Trust:
Canna 8 is a capital pool company pursuant to the policies of
the Exchange. Except as specifically contemplated in such policies,
until the completion of its Qualifying Transaction, the Trust will
not carry-on business, other than the identification and evaluation
of companies, businesses or assets with a view to completing a
proposed Qualifying Transaction. Investors are cautioned that
trading in the securities of a capital pool company is considered
highly speculative. For further information please see all relevant
documents, filed on SEDAR+ at www.sedarplus.ca.
Notice on forward-looking statements:
This press release includes forward-looking statements regarding
Canna 8 which may include, but is not limited to, statements with
respect to the Private Placement and the use of proceeds of the
Private Placement. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"is expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Such statements are based
on the current expectations of management, and are based on
assumptions and subject to risks and uncertainties (including the
risk factors listed below). Although the management of the Trust
believes that the assumptions underlying these statements are
reasonable, they may prove to be incorrect. The forward-looking
events and circumstances discussed in this release may not occur by
certain specified dates or at all and could differ materially as a
result of known and unknown risk factors and uncertainties
affecting the companies, including risks regarding the real estate
industry, failure to obtain regulatory or unitholder approvals,
market conditions, economic factors, the equity markets generally
and risks associated with growth and competition. Although Canna 8
has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking statement
can be guaranteed. Forward-looking statements speak only as of the
date on which they are made and, except as required by applicable
securities laws, Canna 8 undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Canna 8 Investment Trust
