Top Strike Resources Corp. Announces Repayment of Loan with Blacklist Holdings, Inc. and Expiry of Exclusivity Period
May 29, 2019 – Calgary, Alberta – Top Strike Resources Corp. d.b.a. “Vencanna Ventures Inc.” (the “Company”) (CSE: VENI) announces that it has been repaid in full under its previously announced loan agreement (the “Loan”) with Ionic Brands Corp. (“Ionic Brands”), previously “Blacklist Holdings, Inc.”.
Pursuant to the Loan, Ionic Brands has repaid the Company the loan amount of $3,250,000 plus fees totaling $286,000 and 2,600,000 warrants (the “Ionic Warrants”) to acquire common shares in the capital of Ionic Brands (“Ionic Shares”). The Ionic Warrants are exercisable at $0.55 per Ionic Share for a period of one year from issuance.
The Company and Ionic Brands have also mutually agreed to not proceed with the proposed business combination announced on January 30, 2019. Exclusivity between the parties has expired, and no further transactions between the parties is expected. The Company continues to explore and evaluate, within state compliant jurisdictions, strategic alternatives and/or investment opportunities throughout the cannabis value chain.
On September 24, 2018, the Company announced the completion of a recapitalization financing, the appointment of a new management team and board of directors and commencement of trading on the Canadian Securities Exchange. The transactions have transitioned the Company from an oil and gas issuer to a merchant capital firm, rebranded as “Vencanna Ventures Inc.”. The recapitalized Company aims to be a go-to capital provider for early-stage global cannabis initiatives with an emphasis on strong management operating in state compliant jurisdictions with barriers to entry.
For further information regarding this news release, please contact:
Chief Executive Officer and Director
Vice President, Originations
Top Strike Resources Corp.
Suite 310, 250 6th Ave. S.W.
Calgary, AB T2P 3H7
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties, which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.