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VANCOUVER, British Columbia, Nov. 13, 2018 (GLOBE NEWSWIRE) — Innovative Properties Inc. (CSE:INR) (“Innovative Properties” or the “Company”) is pleased to provide a business update and announce a non-brokered private placement offering of 23,333,333 shares (the “Share”) at a price of $0.15 per Share for gross proceeds of approximately $3,500,000 (the “Offering”). Eventus Capital Corp. has been appointed as a finder in connection with the Offering.
Business Update
Further to the Company’s news release dated November 5, 2018, the Company is pleased to highlight the successful careers and achievements of its new officers Mr. Shay Shnet and Mr. Mark Krytiuk, formerly at MPX Bioceutical Corp. (“MPX”).
Mr. Shay Shnet has over 20 years of experience in business and was most recently a founding partner and Vice President of Operations of MPX. While at MPX, Mr. Shnet spent the last 5 years of his career focused on the North American cannabis space helping build MPX’s portfolio of international cannabis assets. Shay is highly skilled in finding unique opportunities and has been directly involved with the development, branding, importing, consumer packaging and distribution of a wide variety of product lines.
Mr. Krytiuk is a very successful cannabis operator and was a founding partner of MPX. Mark has over 5 years of experience as the Vice President of Grow Operations of MPX overseeing the production of medical marijuana and pharma-grade products across North America. Mark has been directly involved overseeing the rapid expansion and build out of nine facilities in three different countries, with ranging budgets of up to $30 million. Mark also has over 10 years of experience consulting and working with customers to develop their individual requirements for their indoor & outdoor cultivation processing space with all required design, workflow and equipment along with working with federal regulators and licensing bodies to ensure compliance.
The new management team led by Mr. Shnet and Mr. Krytiuk will be focused on investments in leading vertically integrated multi-state owner and operators of cannabis assets in the United States, Canada and globally.
The Company intends to change the name of its business to Nabis Holdings Inc. (“Nabis”) and CSE ticker symbol to “NAB”. The Company also announces that it has granted an aggregate of 5,300,000 incentive stock options to directors, officers, and consultants to purchase up to 5,300,000 common shares in the capital of the Company. The incentive stock options have an exercise price of $0.16 per share and expire five years from the date of grant. As a result of this option grant, Innovative Properties has 5,300,000 stock options outstanding, representing 7.76% of the issued and outstanding share capital of the Company.
Non-Brokered Private Placement Offering
All securities issued in connection with the Offering are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation. In addition, the Shares will be subject to a 10-month restricted hold period and will be available for resale in accordance with the following schedule: (i) 1/3 subject to voluntary hold period of 7 months expiring from the date of issuance, and (ii) 1/3 subject to voluntary hold period of 10 months expiring from the date of issuance, provided that all Shares will be released upon a change of control.
The net proceeds from the Offering are expected to be used for investments in cannabis-related companies and for general corporate purposes. Closing is anticipated on or before November 21, 2018.
ON BEHALF OF THE BOARD OF DIRECTORS
“Kevin Ma”
Kevin Ma
Interim CEO and Director
For inquiries, please contact Mario Vetro at 604 687 7130 or 778-846-9970. Email contact is [email protected]
The CSE does not accept responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
None of the securities issued pursuant to the Transaction have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issued pursuant to the Transaction were issued in reliance upon available exemptions from such registration requirements pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act and applicable exemptions under state securities laws. In addition, the securities issued under an exemption from the registration requirements of the U.S. Securities Act are “restricted securities” as defined under Rule 144(a)(3) of the U.S. Securities Act and contain the appropriate restrictive legend as required under the U.S. Securities Act.
