(TheNewswire)
V ancouver - TheNewswire - February 18,2021 - CANNAMERICA BRANDS CORP.("CannAmerica Brands" or the "Company")(C NSX :CANA. CN ) (OTC:CNNXF) is pleased to announce that it hasentered into a debt settlement agreement (the “ SettlementAgreement ”) with a creditor (the“ Creditor ”) to settle an aggregate of C$151,271 in debt for servicesprovided by the Creditor to the Company by the issuance of anaggregate of 2,016,946 Common Shares at a deemed price of C$0.075 pershare.
Additionally, the Company proposes to issue 5,000,000Common Shares to certain directors, officers, employees andconsultants of the Company at a deemed price of C$0.075 per share forservices provided to the Company (the “ Shares for Services ”).
The issuance of the Common Shares as set out in theabove transactions are subject to the prior approval of the CanadianSecurities Exchange. All Common Shares issued in connection with theSettlement Agreement and Shares for Services will be subject to a fourmonth hold period under applicable Canadian securities laws.
For a more complete business and financial profile ofthe Company, please view the Company's website at www.cannamericabrands.com and documents posted under the Company’sprofile on www.sedar.com .
For further information please contact the Company atinfo@cannamericabrands.com.
On Behalf of the Board,
Dan Anglin
CEO and Director
www.cannamericaco.com
www.cannamericabrands.com
1(844) 484-3996
About CannAmerica Brands Corp.
CannAmerica is a U.S. Marine Corps veteran founded andoperated portfolio of cannabis brands with licensing agreements in thestates of Colorado, Nevada, Oklahoma, Massachusetts and Canada. TheCompany aims to maximize the value of its brands by employing strongbrand management teams, marketing and licensing the brands throughvarious distribution channels, including dispensaries, wholesalers anddistributors, in the United States and internationally. The Company'score strategy is to enhance and monetize the global reach of itsexisting brands, and to pursue additional strategic acquisitions togrow the scope and diversity of its brand portfolio. For moreinformation, please visit www.cannamericabrands.com .
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Forward-LookingStatements
This news releasecontains "forward-looking information" within the meaning ofapplicable securities laws. All statements contained herein that arenot clearly historical in nature may constitute forward-lookinginformation. In some cases, forward-looking information can beidentified by words or phrases such as "may","will", "expect", "likely","should", "would", "plan","anticipate", "intend", "potential","proposed", "estimate", "believe" or thenegative of these terms, or other similar words, expressions andgrammatical variations thereof, or statements that certain events orconditions "may" or "will" happen, or bydiscussions of strategy.
Readers are cautionedto consider these and other factors, uncertainties and potentialevents carefully and not to put undue reliance on forward-lookinginformation. The forward-looking information contained herein is madeas of the date of this press release and is based on the beliefs,estimates, expectations and opinions of management on the date suchforward-looking information is made. The Company undertakes noobligation to update or revise any forward-looking information,whether as a result of new information, estimates or opinions, futureevents or results or otherwise or to explain any material differencebetween subsequent actual events and such forward-looking information,except as required by applicable law.
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