PacRoots Announces Private Placement

- August 31st, 2020

Pac Roots Cannabis Corp. announces that it will be conducting a non-brokered private placement of units at a price of $0.25 per Unit for gross proceeds of up to $2,000,000 subject to the over-allotment option described belowThe Placement is an offering of up to 8,000,000 units at CDN$0.25 per Unit. Each Unit consists of one Share and one Warrant exercisable at CDN$0.40 per share for 24 months from issue of the …

Pac Roots Cannabis Corp. (“PacRoots” or the “Company”) (CSE:PACR), announces that it will be conducting a non-brokered private placement of units (the “Units”) at a price of $0.25 per Unit for gross proceeds of up to $2,000,000 (the “Offering”), subject to the over-allotment option described below

The Placement is an offering of up to 8,000,000 units (the “Units”) at CDN$0.25 per Unit. Each Unit consists of one Share and one Warrant exercisable at CDN$0.40 per share for 24 months from issue of the Units. The Units to be issued under the financing will be subject to a four month hold period. The Company may close the Offering in one or more tranches.

A finder’s fee is payable on subscriptions by certain of the subscribers of 7% of the cash proceeds paid by such subscribers and warrants to purchase 7% of the number shares issuable to such subscribers in respect of their subscriptions for Units.

The net proceeds from the Offering are intended to be used for operating expenditures of the Hemp JV in Rock Creek, BC, final commissioning of the Lake Country project and for general working capital.

None of the securities acquired in the Equity Financing and the debt settlement will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

ON BEHALF OF PAC ROOTS CANNABIS CORP.

(signed) “Patrick Elliott”
Chief Executive Officer

For further information, please contact:

Pac Roots Cannabis Corp.
www.pacroots.ca
Telephone: 604-609-6171

Not for distribution to United States wire services or dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.

Statements about the Corporation’s ability to complete the Offering and proposed use of proceeds from the Offering are all forward-looking information.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval, the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.

Neither the Canadian Securities Exchange (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.

SOURCE: Pac Roots Cannabis Corp.

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