VANCOUVER, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- ALQ Gold Corp.
(CSE:ALQ) (“ALQ” or the “Company”) is pleased to announce the following developments:
- the Company has entered into a binding letter of intent with Vulcan Enterprises Ltd.
(“Vulcan”) to acquire certain intellectual property rights for use of the name, approved photographs, approved images, voice, and approved likenesses of Dan Bilzerian exclusively within the cannabis industry worldwide (collectively, “Licensed IP”);
- the Company has completed its second investment, being the acquisition of 100,000 units in the capital of Salvation Botanicals Ltd.
(“Salvation”) for $500,000;
- the Company has arranged a non-brokered private placement to raise up to $10,000,000 through the distribution of 10 million units of the Company at a price of $1.00 per unit. Each unit will comprise one common share (“Shares”) and one-half of one share purchase warrant (“Warrants”), each whole Warrant entitling the holder to acquire one additional Share at $2.50 for a period of 12 months; and
- the Company intends to change its name to Green Axis Capital Corp.
and become an investment company focusing on opportunities in the global cannabis sector.
About Vulcan Enterprises Ltd.
Vulcan is the exclusive owner of the Licensed IP, which includes the cannabis brand logos or related marks, including “Burn by Bilzerian” and “Ignite by Bilzerian”. ALQ and Vulcan have agreed to the following:
- ALQ will receive initially a limited license to utilize the Licensed IP for its use in the Canadian cannabis industry, in exchange for ALQ issuing 5,000,000 shares to Vulcan;
- Vulcan will assist with ALQ’s utilization of the Licensed IP through personal appearance by Dan Bilzerian and utilization of Dan Bilzerian’s social media accounts; and
- ALQ will retain the exclusive option to acquire additional global and exclusive rights to Vulcan’s Licensed IP for additional consideration.
Closing of the above transactions is conditional upon closing of an equity financing by ALQ of at least $10,000,000 (see item 3 above for details of the proposed financing).
About Salvation Botanicals Ltd.
Salvation is a private British Columbia company based in Nanaimo, which is involved in the production of high quality standardized cannabinoid products for Licensed Producers (LP’s), and operates one of the first analytics laboratories in Canada, accredited by Health Canada to test cannabis and derivatives for LP’s, Access to Cannabis for Medical Purposes Regulations (ACMPR) growers, approved cannabis patients, Section 56 License holders, industrial hemp producers, and any other party legally entitled to possess cannabis.
Salvation holds a Narcotic Dealer’s Licence, allowing contract extract production, with authority to extract and produce oil, capsules and tinctures within Health Canada guidelines.
In 2016 Health Canada granted Salvation a Hemp Processing License (HPL) permitting production and sale of seed & grain derivatives. Using the name “Purely Hemp” Salvation has developed a line of value-added foods including Hemp Protein Powder, Hulled Hemp Seeds, Protein Bars, Hemp Butter, Capsules (Oil, Protein Powder) and Cold-Pressed Hemp Oil while building exports of value-added bulk hemp products.
It is planned that Salvation will produce certain products on behalf of Vulcan and ALQ to bring Dan Bilzerian’s brands to market in Canada in time for the launch of recreational sales and other global jurisdictions that have legal medical marijuana legislation and suitable import laws.
ON BEHALF OF THE BOARD
Chief Executive Officer
Email: [email protected]
Email: [email protected]
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed transaction; the terms and conditions of the proposed private placement; use of funds; and the business and operations of the Company after the proposed change of business. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.
Dan Bilzerian Talks Ignite Cannabis and Canadian Rollout Plans
Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the cannabis industry in North America. 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.
Accordingly, readers should not place undue reliance on forward-looking statements. ALQ disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.