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Harvest One Announces Upsized Bought-Deal Public Offering To $5 Million

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Harvest One Cannabis Inc.
·4 min read
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VANCOUVER, British Columbia, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Harvest One Cannabis Inc. ("Harvest One" or the "Company") (TSX-V: HVT; OTCQB: HRVOF), a uniquely positioned cannabis-infused CPG leader, is pleased to announce that it has entered into a revised agreement with Mackie Research Capital Corporation, as sole bookrunner, and ATB Capital Markets Inc., as the co-lead underwriters (together, the “Underwriters”), to increase the size of the previously announced bought-deal short-form prospectus offering of units of the Company (the “Units”) to an aggregate of 32,258,000 Units at a price of $0.155 per Unit for aggregate gross proceeds of approximately $5 million (the “Offering”).

Each Unit will consist of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.195 (the “Exercise Price”) at any time up to 36 months following Closing Date (as defined below).

The net proceeds of the Offering will be used to expand the Company’s existing product lines and distribution channels, and for working capital and general corporate purposes.

The Company has granted the Underwriters an option (the “Over-Allotment Option”), exercisable in part or in whole at the Underwriters’ discretion, at any time until thirty (30) days following the Closing Date, to purchase up to the number of additional Units, and/or the components thereof, equal to 15% of the aggregate number of Units sold in the Offering to cover over-allotments, if any, and for market stabilization purposes.

The Offering will be completed: (i) by way of a short form prospectus to be filed in all provinces of Canada other than Quebec pursuant to National Instrument 44-101 – Short Form Prospectus Distributions; and (ii) on a private placement basis in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and applicable U.S. state securities laws.

The closing of the Offering is expected to occur on or about March 17, 2021 (the “Closing Date”), or such later or earlier date as the Underwriters and the Company may agree upon, and is subject to certain conditions including, but not limited to, the Company receiving all necessary regulatory approvals, including the approval of the TSXV, and the securities regulatory authorities, and the satisfaction of other customary closing conditions.

The securities referred to in this press release have not been, nor will they be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This press release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Harvest One

Harvest One is a global CPG company that develops and distributes premium health, wellness and selfcare products with a market focus on sleep, pain, and anxiety. Harvest One is a uniquely positioned company in the cannabis space with a focus on cannabis infused and non-infused consumer packaged goods. Harvest One owns and operates two subsidiaries: Dream Water Global and LivRelief. For more information, please visit www.harvestone.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance about Harvest One, its business and its operations, and the Offering, which include, among other things, the Closing Date of the Offering, the intended use of proceeds of the Offering, the exercise of the Over-Allotment Option by the Underwriters, regulatory approvals, and Harvest One’s corporate strategy moving forward, its financial position, and future opportunities available for the Company. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this press release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.

Investor Relations:
Colin Clancy
Investor Relations
IR@harvestone.com
1-877-915-7934