CannaRoyalty Corp. d/b/a Origin House (CNSX:OH.CN) (OTCQX:ORHOF) (“Origin House” or the “Company”), a leading North American cannabis products and brands company, announced today that it is accelerating the expiry date of all outstanding common share purchase warrants (the “Warrants”) of the Company issued pursuant to the warrant indenture dated April 13, 2018 between the Company and AST Trust Company (the “Warrant Indenture”). The proceeds from the exercise of the Warrants will be primarily used by the Company to expand its footprint across California, as well as for general corporate and working capital purposes.
Pursuant to the Warrant Indenture, the Company may accelerate the expiry date of the Warrants in the event that the daily volume weighted average share price on the Canadian Securities Exchange (“CSE”) of the issued and outstanding common shares of the Company (“Common Shares”) is greater than $8.00 per Common Share for a period of 15 consecutive trading days following the date of issuance of the Warrants (the “Acceleration Trigger”).
The Company confirms that as of the close of markets on November 21, 2018, an Acceleration Trigger had occurred. In accordance with the terms of the Warrant Indenture, the Company has delivered notice of the Acceleration Trigger to registered holders of Warrants, which, combined with this news release, constitutes notice to the Warrant holders of the Acceleration Trigger. Accordingly, the Company confirms that the Warrants are now set to expire at 5:00pm EST on December 14, 2018, being the 21st day following the delivery of notice to Warrant holders of the occurrence of the Acceleration Trigger (the “Early Expiry Date”). Any Warrants remaining unexercised after the Early Expiry Date will be cancelled.
In total there were 1,924,415 warrants issued which are the only remaining warrants outstanding in Origin House. Each Warrant is exercisable into one Common Share at a price of $5.50 per Common Share. Accordingly, if all of the outstanding Warrants are exercised, gross proceeds to the Company will total $10,584,283. As of the close of market on November 21, 2018, a total of 361,210 warrants have already been exercised.
The Warrants currently trade on the CSE under the ticker OH.WT and, in accordance with CSE procedures, will be halted at 12:00 p.m. EST and delisted at market close on the Early Expiry Date.
In anticipation of all Warrants at a price of $5.50 per Common Share being exercised, the total number of Common Shares then-outstanding of Origin House will be 60,623,387.
About Origin House
Origin House is a growing cannabis products and brands company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. The Company’s foundation is in California, the world’s largest regulated cannabis market, where it delivers over 130 branded cannabis products to the majority of licensed dispensaries. Origin House’s brand development platform is operated out of five licensed facilities located across California, and provides distribution, manufacturing, cultivation and marketing services for its brand partners. The Company is actively developing infrastructure to support the proliferation of its brands internationally, initially through its acquisition of Canadian retailer 180 Smoke. Origin House’s shares trade on the Canadian Securities Exchange (CSE) under the symbol “OH” and on the OTCQX under the symbol “ORHOF”. Origin House is the registered business name of CannaRoyalty Corp. For more information, visit www.originhouse.com.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Origin House’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements relating to the anticipated gross proceeds to the Company from the exercise of the Warrants upon the Early Expiry Date, the Company’s expansion of its footprint in California, the execution of the Company’s strategy, new opportunities, future growth and other statements.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects that are engaged in activities currently considered illegal under US federal law; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Origin House
View original content: http://www.newswire.ca/en/releases/archive/November2018/23/c6605.html
SOURCE: Origin House
Marc Lustig, Chairman and CEO, email@example.com, 1-844-556-5070,www.originhouse.com; Jonathan Ross, CFA, LodeRock Advisors Inc.,firstname.lastname@example.org, 416-283-0178