Alta Vista Ventures Ltd. Announces Financing
17.02.2016 | FSCwire
Vancouver - Alta Vista Ventures Ltd. (AVV-CSE) wishes to announce a non-brokered private placement of up to 16,500,000 units at a price of $0.15 per unit (a “Unit”) to raise a total of up to $2,475,000. Each Unit consists of one previously unissued common share and one transferable purchase warrant (a “Warrant) of the Company. Each Warrant will entitle the holder, on exercise, to purchase one additional common share of the Company (a “Warrant Share”) for a period of 12 (twelve) months from the date of issue of the Warrant. The Warrants will be exercisable at a price of $0.25 per share. A finders’ fee of up to 10% will be paid on the funds received.Alta Vista will use the proceeds of the private placement for the acquisition of RedeCan Pharm (see news release dated January 29, 2016), funding ongoing improvements to RedeCan’s facility and for corporate purposes.
RedeCan Pharm is one of twenty one Marijuana for Medical Purposes Regulations (MMPR) cultivation and sales licenses (see news release dated January 29, 2015) in Canada. RedeCan has been successful in growing their business month-over-month since receiving their license to sell in March, 2015. As a result January, 2016 was a record month for RedeCan for total number of customers ordering and for total grams shipped.
About Alta Vista Ventures:
The purchase of Redecan Pharm is a critical step in Alta Vista’s goal of becoming a significant player in Canada’s medical marijuana marketplace. Under the terms of the LOI, subject to satisfactory due diligence and the signing of a definitive agreement, Alta Vista Ventures can purchase a 90% interest in RedeCan Pharm by paying $8,000,000 in cash and issuing a total of 9,000,000 shares over a one year term.
In addition to the right to purchase RedeCan, Alta Vista has the right to purchase Thor Pharma, an early stage MMPR applicant that could add up to 75,000 square feet of growing space. Alta Vista cannot guarantee nor estimate the timing for the issuance of an MMPR license to Thor Pharma.
As part of its ongoing efforts to expand in the sector Alta Vista continues to evaluate additional opportunities.
On behalf of the Board,
“Ian Foreman”
Ian Foreman, President
For information on Thor Pharma and RedeCan Pharm please contact Mr. Don Shaxon at 289-697-8625
For additional information on Alta Vista Ventures please call the Company at 604-678-2531.
Neither Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.