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VANCOUVER, Oct. 18, 2018 /CNW/ - PUF Ventures Inc. ("PUF" or the "Company") (CSE: PUF) (Frankfurt: PU3) (OTCPK: PUFXF), a growth oriented and diversified company focused on the international cannabis industry, announces that, further to its news releases dated September 25, 2018 and October 11, 2018, it has closed a $12.5 million first tranche of $40 million Equity Participation and Earn-In Agreement with Delta Organic Cannabis Corp. and issued the first tranche of 5,572,755 common shares (the "Shares") of the Company at a deemed price of $2.24 per Share.
"I am very please to report that we have received the first $12.5 million of a proposed $40 million financing to retrofit a 2.2 million square foot greenhouse for cannabis cultivation," said Derek Ivany, President and CEO, PUF Ventures Inc. "It has been a historic seven days for our Company with the granting of our license to produce from Health Canada, the legalization of cannabis in Canada and now the receipt of the initial funding from DOCC to retrofit a truly large-scale greenhouse in Delta, BC. These are significant milestones that have vaulted PUF Ventures into a prominent licensed producer. I have assembled a team of industry experts to oversee the retrofit and manage operations once complete and ensure the long-term success of the Company. I look forward to the days ahead as we move the Company from an applicant to a leading cannabis producer in Canada and around the world."
The Shares are being issued pursuant to the Equity Participation and Earn-In Agreement dated September 25, 2018 as amended on October 11, 2018, with Delta Organic Cannabis Corp., a privately held Toronto‑based cannabis investment company backed by preeminent leaders in Canadian cannabis enterprise.
The Shares are subject to a statutory four-month hold period.
About PUF Ventures Inc.
PUF Ventures Inc. is a growth oriented and diversified company focused on the international cannabis industry. It has ownership in several cannabis companies including AAA Heidelberg and Propagation Services Canada in Canada, a large-scale greenhouse project in Australia and actively pursuing other opportunities within the cannabis industry. PUF has an option to purchase 100% of AAA Heidelberg Inc., an advanced applicant for an ACMPR license. For more information please visit: www.puf.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
Derek Ivany
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
SOURCE PUF Ventures
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