WINNIPEG, Manitoba, Sept. 09, 2022 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: DLTNF) ("Delta 9" or the "Company"), announces that it has completed a private placement of 1,650,000 common shares of the Company (“Common Shares”), for a deemed price of $0.1250 per Common Share, to various subscribers (the “Offering”).
A number of directors and officers of the Company, including John William Arbuthnot IV, Chief Executive Officer, James Lawson, Chief Financial Officer, John William Arbuthnot III, Director and Nitin Kaushal, Director, participated for a total $105,000.00 (840,000 Common Shares) in the Offering (the “Insider Subscriptions”). The Insider Subscriptions are deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(a) and Subsection 5.7(a) of MI 61-101, respectively.
The securities issued in the Offering will be subject to a hold period of four months plus a day expiring January 10, 2023.
The final closing of the Offering remains subject to the approval of the TSX.
For more information contact:
Investor & Media Contact: Ian Chadsey, VP Corporate Affairs Mobile: 204-898-7722 E-mail: ian.chadsey@delta9.ca
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol "DLTNF". For more information, please visit www.delta9.ca.