Eve & Co Announces Conversion Of Remaining Convertible Debentures, Strengthens Balance Sheet
TORONTO, March 29, 2019 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (“Eve & Co” or the “Company”) (TSX-V: EVE; OTCQB: EEVVF) is pleased to announce that the remaining $4,000,000 principal amount of senior unsecured convertible debentures of the initial $10,000,000 principal amount of debentures issued by the Company in June 2018 has now been converted into common shares of the Company. A total of 13,333,333 common shares in the capital of the Company have been issued to the holder of such debentures in accordance with the terms of the debentures.
We are very thankful for the support of our convertible debenture holder. This conversion strengthens our balance sheet and provides us with the flexibility to prioritize resource allocation to operating activities as the Company makes headway on its business development efforts and Phase 2 expansion project
stated Melinda Rombouts, CEO of Eve & Co.
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licenses under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s first female founded licensed producer of medicinal marijuana and received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural experts and has a licenced 220,000 sq. ft. scalable greenhouse production facility located in Middlesex County, Ontario with 32 acres of adjacent land for future expansion. Eve & Co has commenced construction of an additional 780,000 sq. ft. proposed expansion, bringing Eve & Co’s total anticipated greenhouse capacity to 1,000,000 sq. ft.
The Company’s website can be visited at www.evecannabis.ca
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Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the terms of the credit facilities and the Company’s related expansion and construction plans, future, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict, including those described in the Company’s management’s discussion and analysis for the three and twelve months ended October 31, 2018 which is available on the Company’s SEDAR profile. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities law.