 |
|||||||||
 |
|||||||||
November 15th, 2024– VANCOUVER, BRITISH COLUMBIA – TheNewswire – Nevis Brands Inc. (CSE: NEVI) (OTCQB: NEVIF) (FSE: 8DZ) (the “Company” or “Nevis”), is pleased to announce, that further to its news release of October 25, 2024, the Company has closed a non-brokered private placement of 1,272,400 common shares in the capital of the Company (each, a “Share”) at a price of $0.09 per Share, for aggregate gross proceeds of $114,516 (the “Offering”). The Company intends to use the gross proceeds from the Offering for general working capital and additional marketing for hemp derived beverages.
Certain directors of the Company (the “Insiders”) purchased an aggregate of 1,022,400 Shares under the Offering. The participation of each Insider in the Offering constitutes a “related party transaction” within the meaning of Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from the valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for the issuance of the Shares to the Insiders as the deemed value of the Shares do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. A material change report will be filed in connection with the participation of the Insiders of the Offering less than 21 days in advance of the closing of the Offering, which the Company considers reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and to complete the Offering in an expeditious manner.
All securities issued in connection with the Offering are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
The securities of the Company referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the securities of the Company may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Nevis Brands
Nevis innovates and develops cannabis products that have been consumed by millions of consumers across Washington, Oregon, California, Colorado, Arizona, Nevada, Missouri and Ohio with agreements to expand to Michigan and Missouri. Led by their flagship brand Major™ (www.nevisbrands.com/brands) Nevis partners with leading cannabis product manufacturers and distributors to enhance their product offerings.
Nevis Brands Inc. is publicly traded on the CSE under the symbol “NEVI,” OTCQB “NEVIF” and Frankfurt Stock Exchange symbol under the symbol “8DZ”.
CONTACT INFORMATION:
Investor Relations – Attention: John Kueber
Tel: 425-380-2151
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This press release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements”). These statements relate to future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, the anticipated use of the proceeds. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company’s ability to predict or control. Please also make reference to those risk factors referenced in the “Risk and Uncertainties” section of the Company’s CSE Form 2A Listing Statement, available on the Company’s SEDAR+ profile at www.sedarplus.ca.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof or as of the date specified in such statement. Readers are cautioned that the forward-looking statements above do not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release.
All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.
Not for distribution to United States Newswire Services or for dissemination in the United States
Copyright (c) 2024 TheNewswire – All rights reserved.
