WINNIPEG, Manitoba, Dec. 06 2022 (GLOBE NEWSWIRE) — DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: DLTNF) (“Delta 9” or the “Company”) is pleased to announce that it has established a market share program (the “ATM Program”) which allows the Company to issue up to $5,000,000 of common shares in the capital of the Company (the “Common Shares”) from the authorized capital from time to time, at the discretion of the Company.
Distributions of common stock through the ATM program will be made pursuant to the terms of a stock distribution agreement (the “Stock Distribution Agreement”) dated December 6, 2022 between the Company and Haywood Securities Inc. . (the agent “).
Pursuant to the Share Distribution Agreement, Common Shares may be offered and sold by the Agent: (a) in privately negotiated transactions with the consent of the Company and, if required, by the Stock Exchange of Toronto (the “TSX”); (b) as bulk transactions; (c) by the Agent, on the TSX or any other “marketplace” (as that term is defined in National Instrument 21-101 – Operation of the marketplace) in Canada; or (d) by any method permitted by law that constitutes an “at-the-market distribution” under National Instrument 44-102 – On-shelf distribution.
The size and timing of ATM Program distributions, if any, will be determined at the sole discretion of the Company. The ATM Program will be in effect until the earliest of the following dates between the issuance and sale of all common shares issuable under the ATM Program and October 9, 2023, unless terminated earlier this date by the Company or the agent. Because common stock sold under the ATM program will be issued and sold at the prevailing market price at the time of sale, prices may vary between purchasers during the distribution period. The Company expects to use the net proceeds from the ATM program for general corporate purposes and working capital requirements.
The offering under the ATM Program will be made pursuant to a prospectus supplement dated December 6, 2022 (the “Prospectus Supplement”) to the Company’s amended and restated final short form base shelf prospectus dated November 25, 2022 for provinces of Canada, except Quebec, and the Company’s final base shelf prospectus dated November 25, 2022 for Quebec and the territories of Canada (the “Base Shelf Prospectus”).
The Prospectus Supplement, Base Shelf Prospectus and Share Distribution Agreement are available on the SEDAR website operated by the Canadian Securities Administrators at www.sedar.com.
Alternatively, the Agent will send copies of the Prospectus Supplement, Base Shelf Prospectus and Share Distribution Agreement, as applicable, upon request to Haywood Securities Inc., Haywood Securities Inc., 700 – 200 Burrard St., Vancouver, BC V6C 3L6, or by phone at (604) 697-7126, or by email at firstname.lastname@example.org.
No securities regulatory authority has approved or disapproved of the contents of this press release. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy common stock, and there will be no sale of such securities in any state or territory in which a such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or territory.
For more information contact:
Investor and media contact:
Ian Chadsey Vice President Corporate Affairs
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The Company sells cannabis products through its wholesale and retail channels and sells its cannabis cultivation pods to other businesses. Delta 9’s wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9 shares trade on the Toronto Stock Exchange under the symbol “DN” and on the OTCQX under the symbol “DLTNF”. For more information, please visit www.delta9.ca.
Disclaimer Regarding Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect management’s expectations regarding the company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. These statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s actual financial results that differ from its estimates and any the risk factors set forth in the annual information form Delta 9 dated March 31, 2022 which has been filed on SEDAR. There can be no assurance that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will derive therefrom. Readers are urged to carefully consider these factors when evaluating the forward-looking statements contained in this press release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof, and the Company disclaims any intention or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required. by applicable securities. laws.
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