CALGARY, July 11, 2018 /CNW/ - (TSXV:TCI) and
(CSE:TCI) Target Capital Inc. d.b.a. CBi2 Capital
("CBi2" or the "Corporation") is pleased to announce the
completion of its previously announced rights offering (the "Rights
Offering") to holders ("Shareholders") of common shares of
CBi2 ("Common Shares"). Under the Rights Offering,
Shareholders subscribed for and purchased an aggregate of
10,437,715 units (each, a "Unit"), of which an aggregate of
1,524,999 Units were purchased by insiders of the Corporation, at a
price of $0.06 per Unit, resulting in
gross proceeds to the Corporation of $626,265. Each Unit consists of one Common Share
and one half of one Common Share purchase warrant (a "Warrant"),
with each whole Warrant entitling the holder thereof to purchase
one Common Share at a price of $0.10
until June 27, 2023.
The Corporation intends to use the proceeds of the Rights
Offering to execute on the Corporation's cannabis-focused
investment strategy.
Following the completion of the Rights Offering, the Corporation
has 106,006,254 Common Shares and 59,918,880 Warrants
outstanding.
About CBi2 Capital
Target Capital Inc., to be renamed CBi2 Capital
Corp., is a Calgary, Alberta based
company engaged in making strategic investments in private
companies, including small start‐up operations and land development
corporations. The Corporation's Common Shares are listed on the TSX
Venture Exchange and the Canadian Securities Exchange under the
trading symbol "TCI". CBi2 is executing on a
cannabis-focused investment strategy, where it intends to develop
and manage a diversified portfolio of predominantly early stage
cannabis investment opportunities. CBi2 will explore and
invest in a number of strategic investment opportunities in the
medical and recreational cannabis industry and in businesses
offering ancillary supportive products and services. Upon receipt
of Shareholder approval, the Corporation will change its name to
"CBi2 Capital Corp.".
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements
including opinions, assumptions, estimates, and, more particularly,
statements concerning the use of proceeds of the Rights Offering.
When used in this document, the words "will," "anticipate,"
"believe," "estimate," "expect," "intent," "may," "project,"
"should," and similar expressions are intended to be among the
statements that identify forward-looking statements.
The forward-looking statements are founded on the basis of
expectations and assumptions made by the Corporation.
Forward-looking statements are subject to a wide range of risks and
uncertainties, and although the Corporation believes that the
expectations represented by such forward-looking statements are
reasonable, there can be no assurance that such expectations will
be realized.
Any number of important factors could cause actual results to
differ materially from those in the forward -looking statements
including, but not limited to: regulatory and third party approvals
not being obtained in the manner or timing anticipated; the ability
to implement corporate strategies; the state of domestic capital
markets; the ability to obtain financing; changes in general market
conditions; industry conditions and events; the size of the medical
marijuana market and the recreational marijuana market; government
regulations, including future legislative and regulatory
developments involving medical and recreational marijuana;
competition from other industry participants; and other factors
more fully described from time to time in the reports and filings
made by the Corporation with securities regulatory
authorities.
Except as required by applicable laws, the Corporation does
not undertake any obligation to publicly update or revise any
forward-looking statements.
Neither the 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 news release.
SOURCE Target Capital Inc.