(TheNewswire)
MISSISSAUGA, Ontario – TheNewswire - February 23, 2021 – Sire Bioscience Inc.(CSE:SIRE) (OTC:BLLXF) (CNSX:SIRE.CN) (FSE:BR1B) (“ SIRE ” or the“ Company ”) is pleased to provide an update to its February 9, 2021press release announcing the proposed acquisition (the “ Proposed Transaction ”) of100% of Denver-based PlantFuel, Inc. (“ PlantFuel ”).
As a condition to the completion of the ProposedTransaction, the parties have agreed that the Company will complete aprivate placement offering for gross proceeds of at least $3,000,000(the “ Offering ”). The Company intends to complete the Offering throughthe issuance of 20,000,000 common shares of the Company (the“ Common Shares ”) at a price of $0.15 per Common Share. The purpose of theOffering is to ensure that the Company has sufficient operatingcapital to grow and expand the Company’s Fusion line of supplementproducts and to provide expansion capital for the PlantFuel line ofproducts. Closing of the Offering is anticipated to be completedconcurrently with the closing of the Proposed Transaction.
All securities issued will be subject to a four-monthhold period pursuant to securities laws in Canada. All subscribers tothe Offering will be at arm’s length to the Company, PlantFuel andthe Proposed Transaction. The Company may pay finder’s fees on aportion of the Offering, subject to compliance with the policies ofthe Canadian Securities Exchange and applicable securitieslegislation.
The parties are continuing their due diligence inconnection with the Proposed Transaction, which remains subject to theentering into of a definitive agreement and other customary closingconditions, including the approval of the Canadian SecuritiesExchange.
This press release does notconstitute an offer to sell or a solicitation of an offer to buy anyof the securities in the United States. The securities have not beenand will not be registered under the United States Securities Act of1933, as amended (the “U.S. Securities Act”) or any statesecurities laws and may not be offered or sold within the UnitedStates or to United States persons unless registered under the U.S.Securities Act and applicable state securities laws or an exemptionfrom such registration is available.
The Canadian Securities Exchange(“CSE”) has neither approved nor disapproved the contents of thisnews release. Neither the CSE nor its Market Regulator (as that termis defined in the policies of the CSE) accepts responsibility for theadequacy or accuracy of this release.
About Sire Bioscience Inc.
SIRE is headquartered in Mississauga, Ontario, and ismanaged by a group of successful entrepreneurs who have extensiveexperience in the areas of consumer-packaged goods, manufacturing,logistics, and distribution. SIRE is a CPG life science companyfocused on the plant-based foods and supplements industry.
FOR INFORMATION, CONTACT:
Sire Bioscience Inc.
Website: sirebioscience.com
Socials: @sirebioscience
Forward?LookingInformation Cautionary Statement
This press release may containcertain “forward-looking information” and “forward-lookingstatements” within the meaning of applicable Canadian securitieslegislation. All information contained herein that is not historicalin nature may constitute forward-looking information. Forward-lookingstatements may be identified by statements containing the words“believes”, “anticipates”, “plans”, “intends”,“will”, “should”, “expects”, “continue”,“estimate”, “forecasts” and other similar expressions.Forward-looking statements herein include, but are not limited to,statements regarding the receipt of required regulatory approvals,including the Canadian Securities Exchange, the completion of theOffering and the anticipated use of proceeds therefrom, expectationsof management’s focus on and growth expectations of the Fusion andPlantFuel product lines, the terms and timing of the completion of theProposed Transaction, the products of PlantFuel to be made availableand the timing thereof, and the Company’s business and strategicplans. Readers are cautioned to not place undue reliance onforward-looking information. Actual results and developments maydiffer materially from those contemplated by these statements. Management undertakes no obligation to comment on analyses,expectations or statements made by third-parties in respect of SIRE,its securities, or financial or operating results (as applicable).Although SIRE believes that the expectations reflected inforward-looking statements in this press release are reasonable, suchforward-looking statement has been based on expectations, factors andassumptions concerning future events which may prove to be inaccurateand are subject to numerous risks and uncertainties, certain of whichare beyond SIRE’s control, including the risk factors discussed inSIRE’s Listing Statement dated August 22, 2019 which is available onSIRE’s SEDAR profile at www.sedar.com .The forward-looking information contained in this press release isexpressly qualified by this cautionary statement and are made as ofthe date hereof. SIRE disclaims any intention and has no obligation orresponsibility, except as required by law, to update or revise anyforward-looking information, whether as a result of new information,future events or otherwise.
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