Hai and Centurion proceed to work diligently collectively on a number of features associated to finishing the transaction together with: refining the marketing strategy, making ready authorized documentation for submission to the TSX Enterprise Change (the “TSX-V“), finishing an audit of the Hai enterprise, updating the company presentation, arranging financing and implementing the Centurion share consolidation.
Centurion can be working with Hai on commercializing the Hai merchandise in South America with the short-term aim of procuring agreements with present licensed producers to fabricate and distribute water-soluble cannabinoids, in ready-to-drink and dry formulations. Hai is progressing nicely with the implementation of its marketing strategy in sure South American jurisdictions via the Centurion workforce’s introductions and relationships. Observe this hyperlink for the Hai Beverages corporate overview.
HAI and Centurion (the “Events“) have agreed to extend the financing from the initially introduced $2,500,000, to $5,000,000 (the “Financing“). The Events intend to undertake the Financing by means of personal placement at $0.50 per Unit. Every Unit will consist of 1 frequent share and one share buy warrant. The Events anticipate that every Warrant shall have a time period of 24 months commencing on the Closing Date and shall entitle the holder to buy one frequent share at a worth of $0.65.
Centurion Share Consolidation
The Firm intends to undertake a (2 for 1) share consolidation instantly whereby 2 frequent shares shall be exchanged for 1 post-consolidation frequent share of the Firm. The variety of inventory choices, warrants and associated train costs may also be adjusted in accordance with the consolidation ratio. For reference, the Firm at the moment has 33,639,473 frequent shares issued and excellent.
At current, the Firm has 20,112,575 warrants exercisable at a worth of $0.15 per share and expiring on numerous dates in 2021 commencing on July 10. Upon completion of the share consolidation, there shall be 10,056,287 exercisable at $0.30. The Firm intends to use to the TSX-V for a one-year extension to the train expiry date of the warrants.
AGM Date Set
Thursday the 29th of July 2021 has been set because the Centurion Annual Common Assembly (“AGM“) date. Assembly discover and Administration round shall be mailed shortly. To mitigate potential dangers of COVID-19 to the well being and security of our shareholders, staff, and different stakeholders, the Firm has established a convention name quantity 1-866-305-1460 (Passcode is 7680289) for these shareholders who want to observe the proceedings.
The HAI workforce has intensive expertise within the beverage and client packaged items industries, founding HAI to capitalize on the disruption of the alcohol beverage market by hashish infused merchandise. The HAI workforce’s deep understanding of the worldwide beverage market and its expertise in creating profitable beverage manufacturers, resulted in a proprietary know-how platform that delivers:
- Speedy onset and excessive bioavailability, offering an expertise much like the sessionability of alcohol consumption;
- A value construction aggressive with non-infused, mass market drinks; and
- Multi-format product capabilities.
HAI has developed an intensive portfolio of know-how and belongings associated to water-soluble cannabinoids (THC, CBD, and different cannabinoids), together with:
- A spread of ready-to-drink beverage merchandise focusing on particular client teams.
- Seltzers, sodas, and a wide range of carbonated cocktail formulations.
- Single-serve powdered drink choices using HAI’s dry water-soluble know-how.
- Teas, espresso, and mate (also referred to as cimarron), together with Okay-Cup single serve codecs, utilizing a dry water-soluble formulation.
- A set of superior topical merchandise that makes use of HAI’s concentrates to allow speedy transdermal supply of the lively cannabinoid substances.
The HAI analysis workforce has efficiently developed a number of infused beverage merchandise containing extremely bioavailable cannabinoids that ship an equal expertise to alcohol consumption and importantly, lead to a speedy onset (inside 3 to five minutes, in comparison with different accessible merchandise having an onset of 15 to 45 minutes). The mental property Hai has developed round bioavailability and speedy onset led to HAI’s first patent software.
HAI is implementing a two-prong, go-to-market technique, centered on:
1) Procuring agreements with present licensed producers to fabricate branded and white-labelled water-soluble cannabinoids, in ready-to-drink and dry formulations; and
2) Royalty primarily based licensing of mental property (the “IP“) and processes to threerd events.
Centurion and HAI intend to pursue a hashish beverage client packaged items licensing and three way partnership technique anchored on the CannaEden operations in Uruguay. By way of the CannaEden operation, and inside authorized jurisdiction parameters, the Firm intends to initially pursue gross sales in Brazil, Argentina and Paraguay. Centurion and CannaEden have superior discussions with a number of South American pharmaceutical and client packaged items corporations in a coordinated effort to quantify potential home and worldwide markets in addition to decide possible merchandise and distribution networks.
The Firm may also proceed to develop and advance markets of preliminary focus for HAI, together with Mexico, Canada, and the U.S.-based Latino markets (a major, however largely underserved, demographic group). Exercise within the U.S. can be restricted to CBD-infused beverage manufacturing or licensing of IP inside the authorized pointers established by the goal jurisdictions and insurance policies of the TSX Enterprise Change (the “TSX-V“).
CannaEden Amending Settlement
Pursuant to the Firm’s information launch February 7, 2020, the Firm has amended its unique share buy settlement (the “CannaEden Amending Settlement“) with the Uruguayan group of corporations doing enterprise as CannaEden (“CannaEden“) to align with the Firm’s deliberate share consolidation mentioned above and the Financing. The CannaEden Amending Settlement amends sure provisions such that at closing, Centurion will challenge 5 million shares (beforehand 10 million shares) in alternate for 100% of the issued and excellent shares and belongings of CannaEden. CannaEden may have the flexibility to earn as much as a further 3 million shares (beforehand 6 million shares) upon hitting the identical income milestones as mentioned above for NewHAI. The Firm has additionally agreed to amend the Bridge Financing provision whereby CannaEden may have the choice to obtain both money reimbursement, or frequent shares of the Firm valued at $0.50, for expenditures incurred between execution date of the unique share buy settlement and shutting of the Transaction.
Topic to receipt of any obligatory shareholder, Board of Director and or regulatory approvals, and coincidental with closing of the Transaction, the Events suggest to alter the title of the Firm to HAI Applied sciences Inc.
Buying and selling within the shares of Centurion is predicted to stay halted pending receipt of conditional approval from the TSX-V and/or closing of the Transaction.
Centurion Minerals Ltd. is a Canadian-based firm with a deal with South American asset improvement. The Firm’s lead funding has been its curiosity within the Ana Sofia Agri-Gypsum Fertilizer Challenge. The Firm has been actively pursuing enterprise alternatives within the South American hashish and associated merchandise business.
“David G. Tafel”
President and CEO
For Additional Data Contact:
Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this launch.
Completion of the transaction is topic to a lot of circumstances, together with, however not restricted to, Change acceptance and if relevant, shareholder approval. The place relevant, the transaction can not shut till the required shareholder approval is obtained. There might be no assurance that the transaction shall be accomplished as proposed or in any respect. Traders are cautioned that, besides as disclosed within the administration data round or submitting assertion to be ready in reference to the transaction, any data launch or obtained with respect to the transaction might not be correct or full and shouldn’t be relied upon.
This information launch incorporates forward-looking statements regarding future operations of Centurion Minerals Ltd. (the “Firm”). All forward-looking statements in regards to the Firm’s future plans and operations, together with administration’s evaluation of the Firm’s challenge expectations or beliefs could also be topic to sure assumptions, dangers and uncertainties past the Firm’s management. Traders are cautioned that any such statements are usually not ensures of future efficiency and that precise efficiency and monetary outcomes could differ materially from any estimates or projections. Such statements embrace, amongst others: conclusions of future financial evaluations; adjustments in challenge parameters as plans proceed to be refined; failure of apparatus or processes to function as anticipated; accidents and different business dangers; delays and different dangers associated to development actions and operations; timing and receipt of regulatory approvals of operations; the flexibility of the Firm and different related events to fulfill regulatory necessities; the provision of financing for proposed transactions, packages and dealing capital necessities on cheap phrases; the flexibility of third-party service suppliers to ship providers on cheap phrases and in a well timed method; market circumstances and common enterprise, financial, aggressive, political and social circumstances.
To view the supply model of this press launch, please go to https://www.newsfilecorp.com/release/88052
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