PUF Ventures Inc. (CSE:PUF, Frankfurt:PU3, OTCPK:PUFXF) (“PUF” or the “Company”), an advanced Access to Cannabis for Medical Purposes Regulations (“ACMPR”) license applicant, is pleased to provide an update to the previously announced Equity Participation and Earn-In Agreement (the “Agreement”) with Delta Organic Cannabis Corp. (“DOCC”), a privately held Toronto-based cannabis investment company backed by preeminent leaders in Canadian cannabis enterprise, for up to a $40 million investment at a price of $2.24 per PUF share for the development of a large-scale, commercial medical cannabis cultivation operation in Delta, British Columbia.
PUF and DOCC have agreed to an extension to deadline for the first advance of funds by DOCC to PUF to October 17, 2018. As previously stated the completion of the transaction is subject to a number of conditions, including, but not limited to, completion of satisfactory due diligence, and the approval of the transaction by the Exchange, and the boards of directors of each of PUF and DOCC. Due to the size and complexity of the transaction, additional time is required to complete the transaction. All other terms of the contract do not change.
“We are working diligently to complete the transaction in a timely fashion,” said Christopher MacIntyre, President of Delta Organic Cannabis Corp. “The scale and size of this project once converted will place us among a small but elite group of large-scale cannabis cultivation and propagation facilities.”
“While PUF, DOCC and Propagation Services Canada are moving quickly to finalize the principal agreement, along with multiple ancillary and shareholder agreements relevant to this transaction, more time is necessary,” said Derek Ivany, President and CEO of PUF Ventures. “We anticipate closing of the transaction by October 17, subject to Exchange and other approvals. The announcement of the transaction to fully fund the existing 2.2 million square foot greenhouse has generated significant inbound interest related to multiple important aspects of the go-forward Continue Reading