Asia Cannabis Corp. Commences Activities in Thailand by Strategic Alliance with Ameriseed Group; Announces Intention to Complete Private Placement
Asia Cannabis Corp. (“ACC” or the “Company”) (CSE:ASIA) announced the following corporate developments today:
ACC continues to successfully implement its business plan in SE Asia. In addition to its wide-ranging activities in the Kingdom of Cambodia, the Company is pleased to announce that it has entered a Memorandum of Understanding with the AmeriSeed Group (“AmeriSeed”). The purpose of this agreement is to allow ACC and AmeriSeed to collaborate in the pursuit and execution of a business development plan tied to the evaluation and implementation of seed and plant production techniques relating to hemp and other plants with medicinal, practical or other benefits. The parties are prepared to jointly provide managerial input, equipment, intellectual property and material to facilitate the operational needs of such a project in Thailand or wherever the parties determine is a viable venue for such an operation. As part of the execution of that business plan, ACC and AmeriSeed are prepared to either facilitate the creation of a company or otherwise establish a joint venture for the initial purpose of conducting evaluation and consultative work to determine the feasibility of completing such a project.
AmeriSeed engages in research and development activities as well as general operations in Chiang Mai, Thailand, and has expertise in the application of plant genetics, seed production and technology, plant production, sales and market dynamics. The company has an extensive record of successful operations in Thailand and elsewhere with worldwide sales of seed and plant products. The collaboration of ACC and AmeriSeed will give the companies access to senior level engineering and technical teams to foster project development and provide access to significant and unique technical and associated scientific data, equipment and infrastructure. Managements of both parties are confident that this collaboration will result in an increase in options in the greater region relative to expansion of the hemp-based food, fibre, fuel and foundation initiatives.
In commenting on this development, David Pinkman, CEO of ACC, stated: “We are very excited and pleased to have found a new partner in AmeriSeed. Both companies hold similar aspirations for the development of a progressive and positive hemp industry in the Southeast Asian region, and the technical and practical abilities of their respective teams are not only complementary, but also provide the solid foundation to create state-of-the-art and market leading hemp research and development programs. We look forward to a long and fruitful business relationship with this group.”
The Company also announced today its intention to complete a non-brokered private placement (the “Offering”) to sell a total of 17,500,000 common share units (the “Units”) of the Company to various investors at a price of $0.10 per Unit for gross proceeds of $1,750,000.00. Each Unit will consist of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”) with each warrant entitling the holder thereof to acquire one additional Common Share at a price of $0.25 per Common Share for a period of 12 months after the date of closing of the Offering. No finder’s fees will be payable as a consequence of closing this transaction, and securities issued pursuant to the Offering will be subject to a four month hold period. The offering is scheduled to close as soon as possible and remains subject to regulatory approval. Proceeds will be applied to the Company’s working capital.
ACC is an early stage international Agri-technology company which is in the process of creating a business focused on the development, evaluation, testing, application and, ultimately, supply to the market of proprietary organic hybridization technology and certain products derived from that technology. The core approach of the business is centred on the planting, growth and harvesting of new and valuable strains of hemp and related crops in commercial quantities under the terms of a license agreement with InPlanta Biotechnologies Inc (“InPlanta”).
In conjunction with InPlanta, the Company plans to develop varieties of hemp with superior growth and production characteristics in the various environments found in the licensed territories With the data and associated knowledge gained from these activities, the Company intends to leverage the technology to develop a portfolio of strategic hemp investments to take advantage of both the changing social climate relative to hemp use and the historic acceptance of the use of these products and their derivatives in certain of the jurisdictions granted under the License Agreement.
For further information, contact:
Chief Executive Officer
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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