/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
CALGARY, AB, Sept. 16, 2021 /CNW/ - Decibel Cannabis
Company Inc. ("Decibel" or the "Company")
(TSXV: DB) (OTCQB: DBCCF), a premium cannabis producer, is
pleased to announce the closing of its previously announced bought
deal prospectus offering (the "Offering") of units of the
Company ("Units").
Pursuant to the Offering, the Company issued 51,750,000 Units at
a price of $0.29 per Unit (the
"Issue Price") for aggregate gross proceeds of $15,007,500, which includes the full exercise of
the over-allotment option granted to the Underwriters (as defined
below). The Offering was conducted by Eight Capital, Haywood
Securities Inc. and Raymond James Ltd, as co-lead underwriters and
joint bookrunners (the "Underwriters"). Each Unit is
comprised of one common share in the capital of the Company (a
"Share") and one-half of one common share purchase warrant
(each whole warrant, a "Warrant"). Each Warrant entitles the
holder thereof to purchase one Share at an exercise price of
$0.40 for a period of 36 months
following the closing date of the Offering. It is anticipated that
the Warrants will be listed and posted for trading on the TSX
Venture Exchange ("TSXV") under the symbol DB.WT.A at the
open of markets on September 17,
2021.
As consideration for their services, the Underwriters received a
cash commission equal to $900,450
and, as additional consideration, the Company issued a total of
3,105,000 broker warrants to the Underwriters. Each broker warrant
is exercisable into one Share at the Issue Price for a period of 24
months following the closing of the Offering.
For more details on the Offering please see the final short form
prospectus in respect of the Offering, which is available on the
Company's profile at www.sedar.com.
About Decibel
Decibel is uncompromising in the process and craftsmanship
needed to deliver the highest quality cannabis products and retail
experiences. Decibel has three operating production houses along
with its wholly owned retail business, Prairie Records. The Qwest
Estate in Creston, BC is a licensed and operating 26,000
square foot cultivation, processing and distribution space which
produces the widely championed, rare cultivar-focused brands Qwest
and Qwest Reserve, which are sold in seven provinces
across Canada. The Thunderchild Cultivation Facility, is a
licensed and operating 80,000 square foot indoor cultivation
facility in Battleford, SK. The Plant, Decibel's extraction,
processing and manufacturing facility, in Calgary, AB has
15,000 square feet of Health Canada licensed extraction and product
development space. This production house will fuel the growth of
our brands Qwest, Qwest Reserve, Blendcraft, and General Admission,
into new and innovative product formats like concentrates, vapes,
edibles and beyond.
Reader Advisories
Neither 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.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale
of the securities in any state in which such offer, solicitation or
sale would be unlawful. The securities being offered have not been,
nor will they be, registered under the United
States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
United States Securities Act of
1933, as amended, and applicable state securities
laws.
Forward Looking Information
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements.
In this news release, forward-looking statements relate to,
among other things, the listing of the Warrants and the expectation
that Decibel's production house will fuel the growth of its brands
Qwest, Qwest Reserve, Blendcraft, and General Admission, into new
and innovative product formats like concentrates, vapes, edibles
and beyond. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: risks relating to delays, regulatory changes and
impacts, capital requirements, construction impacts, displacement
requirements and unforeseen requirements resulting from the
COVID-19 pandemic, the ability to obtain and maintain licences to
retail cannabis products; review of the Company's production
facilities by Health Canada and maintenance of licences (including
any amendments thereto) from Health Canada in respect thereof;
future legislative and regulatory developments involving cannabis;
inability to access sufficient capital from internal and external
sources, and/or inability to access sufficient capital on
favourable terms; the labour market generally and the ability to
access, hire and retain employees; general business, economic,
competitive, political and social uncertainties; the satisfaction
of conditions precedent under the Company's credit facilities;
timing and completion of construction and expansion of the
Company's production facilities and retail locations; and the delay
or failure to receive board, regulatory or other approvals,
including any approvals of the TSXV, as applicable. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on the forward-looking statements and
information contained in this news release.
These forward-looking statements are made as of the date of
this press release and the Company disclaims any intent or
obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
Decibel Cannabis Company Inc.
SOURCE Decibel Cannabis Company Inc.