/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S.
NEWSWIRES/
TORONTO, Aug. 20, 2019 /CNW/ - Green Rise Capital
Corporation ("Green Rise"), a capital pool company, is
pleased to announce that it has closed its previously announced
non-brokered private placement of subscription receipts (each, a
"Subscription Receipt") for gross proceeds of approximately
$3.67 million (the
"Offering"). The Subscription Receipts were issued at a
price of $0.20 per Subscription
Receipt in connection with the previously announced proposed
business combination between Green Rise and Bull Market Farms Inc.
("Bull Market") (the "Transaction").
The gross proceeds of the Offering are being held in escrow by
Purdy Law Professional Corporation (the "Subscription Receipt
Agent") as subscription receipt agent, pursuant to the terms of
a subscription receipt agreement dated August 19, 2019 (the "Subscription Receipt
Agreement") between Green Rise and the Subscription Receipt
Agent, pending satisfaction of the Escrow Release Conditions (as
defined in the Subscription Receipt Agreement), which include that
all conditions precedent to the closing of the Transaction be
satisfied or waived. Upon satisfaction of the Escrow Release
Conditions, each Subscription Receipt will be exchanged, without
further payment of consideration or any further action by the
holders of Subscription Receipts, into one common share in the
capital of Green Rise.
About Green Rise Capital Corporation
Green Rise is a
capital pool company (CPC) formed under the TSX Venture Exchange
("TSXV") CPC program. Green Rise's common shares will remain
halted until Green Rise satisfies the requirements of the TSXV for
resuming the trading of the Green Rise shares or until completion
of the Transaction.
Completion of the Transaction is subject to a number of
conditions including, but not limited to, TSXV acceptance. Where
applicable, the Transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that
the Transaction will be completed as proposed or at all. Investors
are cautioned that, except as disclosed in the Filing Statement to
be prepared in connection with the Transaction, any information
released or received with respect to the Transaction may not be
accurate or complete and should not be relied upon. Trading in the
securities of a capital pool company should be considered highly
speculative.
The TSX Venture Exchange Inc. has in no way passed upon
the merits of the proposed Transaction and has neither approved nor
disapproved the contents of this news release.
Forward-Looking Information
This news release contains
"forward-looking information" within the meaning of applicable
securities laws relating to the proposal to complete the
Transaction and associated transactions, including statements
regarding the terms and conditions of the Transaction and
associated transactions. Any such forward-looking statements may be
identified by words such as "expects", "anticipates", "believes",
"projects", "plans" and similar expressions. Readers are cautioned
not to place undue reliance on forward-looking statements. Actual
results and developments may differ materially from those
contemplated by these statements depending on, among other things,
the risks that the parties will not proceed with the Transaction
and associated transactions, that the ultimate terms of the
Transaction and associated transactions will differ from those that
currently are contemplated, and that the Transaction and associated
transactions will not be successfully completed for any reason
(including the failure to obtain the required approvals or
clearances from regulatory authorities). The statements in this
news release are made as of the date of this release. Green Rise
undertakes no obligation to update any such forward-looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on any such
forward-looking statements. Green Rise undertakes no obligation to
comment on analyses, expectations or statements made by third
parties in respect of Green Rise and Bull Market, or their
respective financial or operating results or (as applicable), their
securities.
SOURCE Green Rise Capital Corporation