INDIVA Becomes a Licensed Producer of Cannabis and Provides TSX-V Update
INDIVA Corporation ("INDIVA" or the "Company") and Rainmaker Resources Ltd. ("Rainmaker") (TSX VENTURE:RIR) are delighted to announce that INDIVA'S wholly owned subsidiary, INDIVA Inc., received its cannabis cultivation license from Health Canada on July 14, 2017. This license enables INDIVA to produce medical cannabis under Canada's Access to Cannabis for Medical Purposes Regulation ("ACMPR"). "This is a wonderful day in the evolution of INDIVA. Our management team is pleased to have achieved this important milestone and would like to thank all of our partners, employees, shareholders and other stakeholders for their hard work," said Niel Marotta, CEO of INDIVA.
INDIVA to Close Financing for Up to $15 Million
On June 1, 2017, INDIVA announced its plans to complete a private placement raising up to $15 million to finance the expansion of its indoor GMP-compliant production facility. INDIVA has received approximately $10 million of orders and is expected to close the financing in late July or early August, 2017. On the closing of the financing, investors will acquire subscription receipts at a price of $0.75 per subscription receipt, each to automatically convert into common shares on the completion of the reverse takeover and change of business transaction between INDIVA and Rainmaker. Sunel Securities is engaged as lead agent and is expected to form a syndicate of investment banks to participate in the Offering.
INDIVA Closes $2.1 Million Convertible Debenture Interim Financing
On June 15, 2017, INDIVA closed the previously announced $2.1 million convertible debenture financing, allowing INDIVA to commence planning its facility expansion. Upon completion of the recently announced maximum $15 million subscription receipt financing (the "Offering") and RTO transaction, the convertible debenture will automatically convert into common shares in the capital of INDIVA at the Offering price.
INDIVA is a Canadian supplier of high quality, medical grade cannabis. INDIVA's strain selection, cultivation and client care processes combine the know-how and experience of an internationally recognized and award winning grow-team with GMP-compliant quality assurance standard operating procedures. INDIVA's wholly owned subsidiary is a Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulation ("ACMPR") with its first indoor cannabis production facility located in London, Ontario. INDIVA aims to become a global marijuana brand recognized for high quality cannabis products and excellent client care. As marijuana laws liberalize in Canada, INDIVA will expand its product offering to include safe edibles and other client-friendly cannabis products. In addition, as marijuana laws liberalize internationally, INDIVA will use its Canadian operations as a platform to open new markets for its cannabis products.