Sproutly Canada, Inc. (CSE: SPR) (FRA: 38G) (OTCQB: SRUTF) (“germinate“or the”Society”) Today announced the Company’s financial results for the second quarter ended August 31, 2021.
“We continued to make progress in the development of our 2.0 products during the first half of fiscal 2022, as well as to lay the necessary foundation with the partnership with Kingston Cannabis Inc. (“ KCI ”),” said the Dr Arup Sen, General Manager Officer and Director of Sproutly. “We are focused on long-term sustainability in order to deliver 2.0 and 3.0 products over time to the Canadian market and believe partnerships like the one with KCI are an important next step. ”
Highlights for the second quarter ended August 31, 2021
Pursuant to a convertible debenture deed of trust dated October 24, 2018 between the Company and TSX Trust Company, as trustee, the Company converted capital of $ 250,000 under the deed. Pursuant to the Deed of Trust, all accrued and unpaid interest on the converted capital also becomes due and payable and the Company has settled $ 8,222.22 in interest by issuing 91,358 common shares in the capital of the Company priced at $ 0.09 per share.
Pursuant to a convertible debenture indenture dated October 24, 2018 between the Company and TSX Trust Company, as trustee, the Company has settled the accrued and unpaid interest under the indenture of trust. ” an amount of $ 70,000 through the issuance of 1,166,666 common shares in the capital of the Company. priced at $ 0.06 per share.
The Company acquired the principal assets of CannaHive Inc. (the “Acquisition”). The Acquisition replaces the definitive agreement between the companies announced in April of this year.
The Company has settled the current outstanding debt of the Company and its subsidiary, Toronto Herbal Remedies Inc., for a total amount of $ 145,448.44, pursuant to the terms of debt settlement agreements with two unrelated creditors. addiction. In settlement of the debt, the Company issued a total of 2,908,968 common shares in the capital of the Company at a price of $ 0.05 per share.
The Company has signed a Letter of Intent to form a commercial relationship with Kingston Cannabis Inc. (“KCI”), to produce its cannabis infused beverages under a co-packaging agreement with KCI. KCI’s subsidiary, Kingston Aluminum Technologies Inc. (“KAT”) will provide custom aluminum packaging for Sproutly’s products. Additionally, KCI and Sproutly will collaborate on consumer reviews of Sproutly formulations that are made from ingredients produced by proprietary APP cannabis processing technology.
Consolidated financial statements and management report
The unaudited interim consolidated financial statements and related notes of the Company as at August 31, 2021 and for the period ended, as well as the management report of the Company for the period ended August 31, 2021, are available under the Company profile. on SEDAR at www.sedar.com.
About Sproutly Canada, Inc.
Sproutly’s primary goal is to become the leading supplier of unique ingredients and custom formulations to the cannabis drinks and edibles market. Our water-soluble Infuz2O and BioNatural Oils will offer unique brands to international markets that strive to produce a diverse portfolio of differentiated consumer products. Sproutly’s business goal is to partner with established consumer brands locally and globally to leverage their existing customer base, further expand brand loyalty, assist with marketing, and support distribution channels to deliver the benefits of APP technology with speed and efficiency around the world.
For more information on Sproutly, please visit www.sproutly.ca.
Caution Regarding Forward-Looking Statements: This press release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or opinions regarding future events of the management of Sproutly Canada. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intend” or “anticipates”, or variations of such words and phrases or statements as certain actions, events or results. “May”, “could”, “should”, “would” or “occur.” These information and statements, referred to herein as “forward-looking statements”, are not historical facts and are made as of the date of this press release. press and include, without limitation, statements regarding discussions of future plans, estimates and forecasts and statements such as expectations and intentions of management with respect to, among other things, the trade date of Sproutly shares on CSE and final regulatory approvals. These forward-looking statements involve many risks and uncertainties, and actual results may differ materially from results. ats suggested in forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and the financial markets in particular, and other factors, many of which are beyond the control of Sproutly Canada. Although the management of the Company has attempted to identify material factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results are not those anticipated, estimated or anticipated. . There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statements, forward-looking information or financial outlook which are incorporated by reference herein, except in accordance with applicable securities laws. We seek refuge.
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