The board of directors of the Company approved the settlement of C$63,262 of an outstanding debt through the issuance of common shares of the Company to an arm’s length party (the “Debt Settlement”). Pursuant to the Debt Settlement, the Company would issue up to 140,582 common shares of the Company at a deemed price of CAbout IONIC Brands Corp.45 per share.
ON BEHALF OF THE BOARD OF DIRECTORS
Share Purchase Warrants
The VVG acquisition includes the lease for a 1,700 square foot production facility, situated on 3.42 acres of land. VVG is currently building a 60,000 square foot manufacturing facility with expected completion date of Q3 2019. A second 80,000 square foot facility is planned for Q4 2019. The VVG acquisition also includes four state licenses in hand for cultivation and manufacturing for both medical and recreational cannabis. The applications for the medical and recreational cannabis distribution licenses are being processed and are anticipated to be granted in Q2 2019. In 2018, VVG revenues were US$2.6 million, with an EBITDA of USDebt Settlement.8 million. VVG’s flagship product is the Vegas M Stick and the Reno M Stick branded vape pens that have current market penetration of over 75% of stores in Nevada. The Company expects to increase sales of Ionic branded products by leveraging off VVG’s existing distribution pipeline and introduce various Ionic product SKUs to this distribution channel.
For inquiries, please visit www.ionicbrands.com, by email [email protected] or call investor relations at 253-248-7920 (option 4).
CEO and Director
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The Company also announces that, pursuant to the loan agreement with Top Strike Resources Corp. (“Top Strike”), it has issued 2,600,000 share purchase warrants to Top Strike upon repayment of the loan totaling C$3.25 million and associated fees of C$286,000. Each warrant is exercisable at CThe total purchase price for VVG is US$8,870,000 (C$11,885,800) that includes a cash payment of US$7,620,000 (C$10,134,600), and 2,814,180 common shares of the Company at IONIC BRANDS is a national cannabis holdings company based in Washington, led by a team of successful entrepreneurs. The company is focused on building a multi-state consumer-focused cannabis concentrate brand portfolio focusing on the premium and luxury segments. The cornerstone Brand of the portfolio, IONIC, is an accomplished #1 vaporizer brand in Washington State has aggressively expanded throughout the west coast of the United States and is currently operating in Washington, Oregon and California. IONIC BRANDS’ strategy is to be the leader of the highest-value segments of the cannabis market and expand nationally..5952 per share for an aggregate total value of USD $1,250,000 (C$1,675,000). The issuance of shares is subject to approval by the Board of Directors and the CSE..55 per share for a period of one year from the date of issuance.
VANCOUVER, British Columbia, June 12, 2019 (GLOBE NEWSWIRE) — IONIC Brands Corp., formerly Zara Resources Inc. (CSE: IONC; FRA: IB3) (“IONIC BRANDS” or the “Company”) is pleased to announce that it has completed the acquisition of Vegas Valley Growers North (“VVG”) located in Las Vegas, Nevada, previously announced on April 2, 2019. VVG is a vertically-integrated, cash flow positive opportunity with a projected 2019 revenue of US$6.6 million, expected gross profits of US$3.1 million and EBITDA of US$2.0 million.
VANCOUVER, British Columbia, June 12, 2019 (GLOBE NEWSWIRE) — IONIC Brands Corp., formerly Zara Resources Inc. (CSE: IONC; FRA: IB3) (“IONIC BRANDS” or…