Cannabis Stock News: Spyder (TSXV: SPDR) Announces Proposed Acquisition of Development Permit and Lease
Vaughan, Ontario - August 29, 2019 (Newsfile Corp.) (Investorideas.com Newswire) Spyder Cannabis Inc. (TSXV: SPDR) ("Spyder" or the "Company"), an established Ontario retail operator, is pleased to announced it has entered into a purchase agreement (the "Agreement") with an arm's length third party (the "Vendor") to acquire the Vendor's interest in a development permit issued by the City of Calgary for the operation of a retail cannabis store (the "Development Permit") and an assignment of the leased attached to such Development Permit (the "Lease Assignment"; together with the Development Permit, the "DP Assets").
Pursuant to the Agreement, the purchase price for the DP Assets will be $175,000, which will be payable through the issuance of 3,000,000 common shares of Spyder ("Spyder Shares") at a deemed price of $0.0583 per share. The closing of the transactions contemplated by the Agreement is subject to the satisfaction of a number of conditions, including, but not limited to, receipt of all required regulatory approvals including the approval of the TSX Venture Exchange, the Company's satisfaction of its due diligence results, inspections and investigations and obtaining landlord's consent to the Lease Assignment.
Founded in 2014 Spyder is an established chain of three high-end vape stores in Ontario, with stores located in Woodbridge, Scarborough and Burlington. The Spyder brand is defined by its high-quality proprietary line of e-juice, liquids and exclusive retail deals, dispensed in uniquely designed stores creating the optimal customer experience. Spyder is building off this leading retail, distribution and branding eCig and vapes company and is pursuing expansion into the legal cannabis market. Spyder has developed a scalable retail model with aggressive expansion plan to create a significant retail footprint with targeted and disciplined retail distribution strategy focusing on Canadian locations in high traffic peripheral areas.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. 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. In particular, this release contains forward-looking information relating to the satisfaction of the closing conditions contemplated under the Agreement. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: the TSX Venture Exchange declining to accept the transaction, the landlord not consenting to the Lease Assginment, changes in tax laws, general economic and business conditions; and changes in the regulatory regulation. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this 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.
For more information, please contact:
Spyder Cannabis Inc.
President & Chief Executive Officer
Telephone: (905) 265-8273
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com