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CALGARY, Alberta, June 10, 2021 (GLOBE NEWSWIRE) -- Maple Leaf Green World Inc. (“Maple Leaf” or the “Company”), (CSE: MGW), (OTCQB: MGWFF), is pleased to announce that it intends to complete a non-brokered private placement (the "Private Placement") for gross proceeds of up to $1,100,000 through the issuance of up to 20,000,000 units (the "Units") at a price of $0.055 per Unit. Each Unit is comprised of one (1) common share in the capital of the Company ("Common Share") and one (1) transferable Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to acquire one (1) Common Share to be issued on the due exercise of the Warrants (each, a "Warrant Share") at a price of $0.08 per Warrant Share for twenty-four (24) months from the date of the closing of the Private Placement.
A finder's fee may apply to a portion of the proceeds raised under the Private Placement of a cash commission equal to 7% of the aggregate gross proceeds from the sale of the Units under the Private Placement, and finders’ warrants equal to 7% of the number of Units sold under the Private Placement, exercisable for Units of the Company. All securities issued pursuant to the Private Placement will be subject to a four month hold period from the date of issue. Proceeds from the Private Placement will be used by the Company for:
Expansion of the Company’s current cultivation facility in Riverside, California in order to accommodate the Joint Venture project with Swissx and maintain the Company’s current cultivation program of developing a new Hemp strain;
Company’s vertical integration expansion by acquiring another Hemp processing facility;
Marketing and promoting the Company’s Phoenix Crave brand products and;
Closing of the Private Placement is subject to all customary regulatory and board approvals of the Company.
For further information and updates regarding the Company, please visit https://www.mlgreenworld.com/.
For updates regarding the California CBG Hemp Project, please visit https://www.gsgreenworld.com/.
About Maple Leaf Green World Inc.
Maple Leaf is a public Canadian company that is focused on the hemp industry in North America. The Company currently has a hemp project in Southern California. With over 10 years of extensive greenhouse management experience, the Company applies its eco-agriculture knowledge and cultivation technology to produce contaminant-free cannabis products. Maple Leaf’s long-term objective is to produce cannabis oil and to export its products to approved countries. The Company’s common shares are listed for trading on the Canadian Securities Exchange (“CSE”) under the symbol “MGW” and on the OTCQB market under the symbol “MGWFF.”
Forward Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company's assessment of future plans and operations, and, more particularly, statements concerning: the Proposed Transaction and the timing thereof; When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company that include, but are not limited to, the timely receipt of all required regulatory and third-party approvals, including approvals from the CSE and from the shareholders of Maple Leaf. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals, including approvals from the CSE and from the shareholders of Maple Leaf, not being obtained in the manner or timing anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company's annual information form ("AIF") for the year ended December 31, 2020 and management's discussion and analysis ("MD&A") thereof for additional risk factors relating to the Company. The AIF and MD&A can be accessed under the Company's profile on www.sedar.com.
Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
For further information, please contact:
Maple Leaf Green World Inc.
Raymond Lai, Chairman, President & CEO
Billy Bewcyk, V.P. for Business Development