FSD Pharma (“FSD“) announced today that, in connection with the business combination (the “Business Combination“) completed on December 31, 2018 among Cannara Biotech Inc. (formerly, Dunbar Capital Corp.) (the “Issuer“), Cannara Biotech Inc. and 11038427 Canada Inc., FSD Pharma, directly or indirectly, acquired ownership of 85,003,750 common shares (“Common Shares“) of the Issuer, representing 12.25% of the issued and outstanding Common Shares of the Issuer.
FSD holds 75,003,750 of the Common Shares through its wholly-owned subsidiary, FV Pharma. The Common Shares are held in escrow in accordance with the rules of the Canadian Securities Exchange. Immediately prior to the completion of the Business Combination, FSD did not own or exercise control or direction over any securities of the Issuer.
FSD holds and controls its Common Shares of the Issuer for investment purposes only and FSD may increase or decrease its beneficial ownership or control over the Common Shares of the Issuer, which it may do, subject to the terms of the escrow arrangements, from time to time, depending on market or other conditions and to the extent deemed advisable in light of its general investment strategy.
This news release is being disseminated as required by National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the anticipated filing of an early warning report (the “Early Warning Report“). A copy of the Early Warning Report will be available on SEDAR under the Issuer’s issuer profile at www.sedar.com and can be obtained by contacting the Company as set out below.
SOURCE FSD Pharma Inc.
For further information: FSD Pharma Inc., 520 William St., Cobourg, ON, K9A 3A5, CANADA, Phone: (905) 686-7079, Email: email@example.com