Trading symbol: CSE: BCBC
VANCOUVER, BC, Sept. 29, 2021
/CNW/ - The BC Bud Corporation (the "Company"), announces that,
further to its press releases dated February
11, 2021, April 26, 2021
June 25, 2021, September 7, 2021 and September 27, 2021, the Company has completed its
previously announced acquisition of the BC Bud Holdings Corp.
(formerly "the BC Bud Corporation") (the "Transaction"). The
Company has also changed its name from 'Entheos Capital Corp'. to
"The BC Bud Corporation". The Company expects to commence trading
on the Canadian Securities Exchange ("CSE") on September 30, 2021 under the symbol "BCBC".
Acquisition
As previously announced, under the provisions of the
Transaction, the Company acquired all of the issued and outstanding
securities of the BC Bud Holdings Corp. (the "Target") in
consideration of the issuance of 26,250,000 common shares of the
Company (the "Payment Shares"). The Target is now a wholly owned
subsidiary of the Company. All of the Payment Shares are subject to
escrow pursuant to the policies of the CSE and will be released
from escrow based on the passage of time, such that 10% of the
securities were released on closing and the balance will be
released in six equal tranches of 15% every six months
thereafter.
Private Placement
In connection with the Transaction, the Company completed a
non-brokered private placement ("Private Placement") of 4,000,000
subscription receipts ("Subscription Receipts") at a price of
$0.25 per Subscription Receipt for
aggregate gross proceeds of $1,000,000, as further described in the Company's
news release dated April 26,
2021.
Immediately prior to closing the Transaction, each Subscription
Receipt issued pursuant to the Private Placement was converted into
one unit of the Company comprising one common share of the Company
and one share purchase warrant (each a "Warrant"). Each Warrant
entitles the holder to acquire one additional common shares of the
Company at an exercise price of $0.50
per share until September 29, 2023,
following the extension of the term of the Warrants approved by the
Company. The Warrants are also subject to accelerated expiry
provisions, whereby, if the closing price of the Company's common
shares exceeds $0.75 per share for a
period of ten consecutive trading days, at the Company's election,
the 24-month period within which the Warrants are exercisable will
be reduced and the holders of the Warrants will be entitled to
exercise their Warrants for a period of 30 days commencing on the
day the Company provides notice of same.
Capitalization
Following completion of the Transaction, the Company now has
44,843,482 issued and outstanding common shares.
The Company has also granted to directors and consultants an
aggregate of 3,237,500 restricted share units ("RSUs") at a
deemed price of $0.21 per RSU vesting
over a 36-month period.
Changes to Board and Management
Following the completion of the Transaction, Corey Larricq resigned as a director and
Dayna Lange and Justin Chorbajian were appointed as
directors.
Thomas Joshua Taylor, a founder
of the Target has been appointed as the Company's President.
Brayden Sutton continues to be the
Company's CEO and a director and Samantha
Shorter continues to serve as the Company's Chief Financial
Officer and Corporate Secretary.
The Company's board of directors now comprises: Brayden Sutton, Thomas
Joshua Taylor, Dayna Lange
and Justin Chorbajian.
Additional Information
Details of the Transaction are contained in the Company's
listing statement dated September 29,
2021 which will be filed on the Company's profile on
www.sedar.com and the website of the CSE at www.thecse.com.
Forward-Looking Statements
Certain statements included in this press release constitute
forward-looking information or statements (collectively,
"forward-looking statements"), including those identified by the
expressions "anticipate", "believe", "plan", "estimate", "expect",
"intend", "may", "should" and similar expressions to the extent
they relate to the Company or its management. The forward-looking
statements are not historical facts but reflect current
expectations regarding future results or events. This press release
contains forward looking statements. These forward-looking
statements are based on current expectations and various estimates,
factors and assumptions and involve known and unknown risks,
uncertainties and other factors.
Statements about the Target's future product development plans
are all forward-looking information.
Forward-looking statements are not guarantees of future
performance and involve risks, uncertainties and assumptions which
are difficult to predict. Factors that could cause the actual
results to differ materially from those in forward-looking
statements include failure to obtain regulatory approval, the
continued availability of capital and financing, and general
economic, market or business conditions, including the effects of
COVID-19. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement. These
statements should not be read as guarantees of future performance
or results. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements. Although such statements are based on
management's reasonable assumptions, there can be no assurance that
the statements will prove to be accurate or that management's
expectations or estimates of future developments, circumstances or
results will materialize. The Company assumes no responsibility to
update or revise forward-looking information to reflect new events
or circumstances unless required by law. Readers should not place
undue reliance on the Company's forward-looking statements.
THE BC BUD CORPORATION
"Brayden Sutton"
_______________________________________
Brayden
Sutton, Chief Executive Officer
Neither the Canadian Securities Exchange (the "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.
SOURCE Entheos Capital Corp.