Investment Company Updates: Nuuvera

RNS Number : 3095C

FastForward Innovations Limited

18 January 2018

 

18^th January 2018

FastForward Innovations Limited

("FastForward"")

Investee Company Updates: Nuuvera acquires one of seven Italian medical cannabis import licenses and announces C$35million bought deal offering

FastForward is pleased to note the announcements today by investee company Nuuvera Corp. ("Nuuvera" (TSXV: NUU), a public company formed to capitalize on the global trend towards the legalisation of medical cannabis, in which FastForward has a holding of 3.75%. The announcements are set out below:

Nuuvera Acquires One Of Seven Italian Cannabis Licenses

Nuuvera Inc. ("Nuuvera") (TSXV:NUU), announced today that it has acquired one of only seven licensees to import medical cannabis to Italy, and sell medical cannabis wholesale to pharmacies in Italy. The license was acquired through the purchase of 100% of the issued and outstanding shares in the Genoa based FL-Group, making Nuuvera the first Canadian cannabis company to hold a license to serve the Italian market.   This announcement follows the recent decision by the Italian National Health System to reimburse medical cannabis prescription costs, and ongoing legislative initiatives to make medical cannabis widely accessible to patients in Italy.  

Lorne Abony, CEO of Nuuvera, said that Nuuvera is honoured to be the first international cannabis company to be licensed to serve Italian customers.   "We are extremely proud to be the first Canadian cannabis company to be licensed in Italy," said Abony. "There are very few licensees because of the rigorous licensing system in Italy, and Nuuvera is prepared to meet the high Italian standards and serve the growing Italian market."  

Dr. Alessandro Pastorino, co-founder and CEO of FL-Group, said that Nuuvera's commitment to high standards sets the stage for an ideal partnership.   "We have been approached by many companies wishing to acquire us, but Nuuvera stood out because of their rigorous commitment to safe, healthy and efficacious cannabis products," said Dr. Pastorino. "I am delighted to lead FL-Group going forward as we expand within the burgeoning Italian market."   With its partnership with FL-Group secured, Nuuvera intends to import cannabis flower, and introduce its branded cannabis oil to the Italian market.   "Italy has made decisive and prudent modifications to the market to ensure its citizens have reliable access to medical cannabis products as demand increases," said Antonio Costanzo, Head of International Development with Nuuvera. "We look forward to working with Italian authorities to meet their rigorous standards and ensure patients have reliable access to the high-quality products they require."

Lorne Abony, CEO of FastForward Innovations, said

"It is a huge moment for Nuuvera as the company further embarks on its mission to become the global medical Cannabis business. Being the first non Italian company to have a license endorses Nuuvera as one of the most reputable firms in the medical Cannabis industry." 

"Nuuvera already has offices in Toronto, Tel Aviv, Hamburg, and Milan, so is well positioned to serve diversified international markets with medical grade cannabis product".

 

Nuuvera Inc. Announces C$35MM Bought Deal Offering

Nuuvera Inc. ("Nuuvera" or the "Company") (TSX VENTURE:NUU) is pleased to announce that it has entered into an agreement with Clarus Securities Inc. and Canaccord Genuity Corp. as co-lead underwriters, on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis, 6,363,640 units (the "Units") in the capital of the Company at a price of C$5.50 per Unit (the "Offering Price") for aggregate gross proceeds to the Company of C$35,000,020 (the "Offering"). Each Unit will be comprised of one common share of the Company (a "Unit Share") and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (a "Warrant Share") at a price of C$7.20 for a period of 24 months following the Closing Date (as defined below).

The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 954,546 Units at the Offering Price, exercisable in whole or in part at any time for a period ending 30 days from the closing of the Offering. In the event the over-allotment option is exercised in full, the aggregate gross proceeds of the Offering will be C$40,250,023.

The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

The Units will be offered by way of a short form prospectus to be filed in each of the provinces of Canada, other than the Province of Quebec, by way of a private placement in the United States, and in those jurisdictions outside of Canada and the United States which are agreed to by the Company and the Underwriters, where the Units can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.

The Offering is expected to close on or about February 9, 2018 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the "Exchange").

In connection with the Offering, Delavaco Group has been appointed as a special advisor to the Company.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

For more information on Nuuvera, please visit: www.nuuvera.com 

About Nuuvera

Nuuvera is a global medical cannabis company founded on Canadian principles, and built with the whole world in mind. Nuuvera is currently working with partners in Germany, Israel and Italy, and is exploring opportunities in several other countries, to develop commercial production and global distribution of medical grade cannabis in legalized markets. Through its subsidiaries, ARA - Avanti Rx Analytics Inc. and Avalon Pharmaceutical Inc., Nuuvera holds a Dealer License (GMP) under the Narcotic Control Regulations and Office of Controlled Substances. Nuuvera is currently in the final stages of the Health Canada review process to become a Licensed Producer of medical marijuana under the ACMPR, and has recently received its "letter to build" approval.

For further information please visit www.fstfwd.co or contact:

FastForward  Innovations Limited [e-mail]   Sue Saunders/ Ian Burns

Beaumont Cornish Limited (Nomad) Tel: [phone] James Biddle / Roland Cornish

Optiva Securities Limited (Broker) Tel: [phone] Ed McDermott

CAUTIONARY STATEMENT

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.

Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. FastForward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

 

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