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VANCOUVER, BC, Sept. 24, 2021 /CNW/ - Kiaro Holdings Corp. (TSXV: KO) ("Kiaro'' or the "Company"), a national omni-channel cannabis retailer and wholesale distributor, is pleased to announce that further to its annual and special shareholders meeting held on September 9, 2021 and its news release dated September 10, 2021, the Company will issue an aggregate of 1,333,333 common shares in the capital of the Company ("Kiaro Shares") in lieu of cash to certain directors and officers of the Company on or about September 24, 2021, on account of the services provided by them to the Company over the course of the Company's history since its listing on the TSX Venture Exchange.
The Company received overwhelming support from its shareholders for the issuance of these common shares – approximately 99.9% of the disinterested shareholders voted in favour of the issuance. 812,500 Kiaro Shares will be issued with a deemed price of $0.144 per Kiaro Share, and an aggregate of 520,833 Kiaro Shares will be issued with a deemed price of $0.10. For more information, please see the Company's management information circular dated August 9, 2021, available under the Company's corporate profile on SEDAR (www.sedar.com).
The issuance has largely received all necessary regulatory approvals with only certain customary post-closing deliverables required to applicable regulators.
Kiaro Holdings Corp.
Based in Vancouver, British Columbia, Kiaro is an independent, omni-channel cannabis retailer and distributor. Through existing storefronts across British Columbia, Saskatchewan, Ontario and with the completion of the recent acquisition of Hemisphere Cannabis from Aegis Brands, Kiaro has 16 stores in operation and another two expected by Q1 of 2022. This is in addition to a wholesale distribution division servicing Saskatchewan; ecommerce sites in Canada, the US and Australia; and plans for continued national expansion. Kiaro is driven to introduce new and experienced consumers to a lifelong exploration of cannabis. With more than 70 years of collective retail and wholesale focused experience, Kiaro's leadership team has a proven track record of growing brands across North America and plans to open multiple retail locations nationwide over the coming years.
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 Kiaro, 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. In this news release, forward-looking statements relate, among other things, to: completion of the issuance and the timing and amount of any issuance of the Company's common shares. 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. 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 Kiaro's control. These risks, uncertainties and assumptions include, but are not limited to, those described in the Kiaro Filing Statement dated September 29, 2020, 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. Furthermore, any forward looking information with respect to future expansion plans is subject to the qualification that management of Kiaro may decide, and the assumptions that any construction or conversion would not be cost prohibitive, required permits will be obtained and the labour, materials and equipment necessary to complete such construction or conversion will be available. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Kiaro does not intend, nor 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.
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.
For more information, visit: investors.kiaro.com
Chief Executive Officer
SOURCE Kiaro Holdings Corp.
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