Blox Labs Announces Conditional Approval Of Reverse Takeover Transaction with Best Cannabis Products Inc.
Toronto, Ontario - TheNewswire - August 26, 2019 -- Blox Labs Inc. ("Blox" or "the Company") (CNSX:BLOX.CN) (Frankfurt:BR1B) (OTC:BLLXF) wishes to announce that, further to its news release of March 1, 2019, it has obtained conditional approval from the Canadian Securities Exchange (the "CSE") for the listing of the common shares (the "Shares") that will result from the reverse takeover ("RTO") of Blox by Best Cannabis Products Inc. ("BCP"). Upon completion of the RTO, Blox will issue a total of 234,800,000 Shares to the shareholders of BCP pursuant to a share exchange agreement dated February 28, 2019 with BCP and its shareholders. The resulting issuer will change its name to Sire Bioscience Inc. ("Sire") upon completion of the RTO.
Blox has received more than the requisite 51% shareholder consent approving the RTO, and we anticipate closing the private placement financing that was announced on March 1, 2019 before the end of August 2019. Furthermore, it is expected that the listing of Sire's Shares on the CSE will occur in September 2019 and those Shares will trade under the ticker symbol "SIRE".
A copy of the Form 2A listing statement in connection with the RTO was prepared in accordance with the policies of the CSE and will be available on SEDAR at www.sedar.com and the CSE website prior to the commencement of trading on the CSE.
Sire's new website, www.sirebioscience.com, is currently under construction and will be available in the near future.
About Blox Labs Inc.
As a result of the RTO, Blox will change the nature of its business from technology development to life sciences, with a focus on the cultivation, production and sale of industrial hemp. BCP has obtained its Industrial Hemp License from Health Canada under no. LIC-MAQ20YRUT8-2019. BCP is a Canadian company headquartered in Toronto, Ontario that owns a 50 acre parcel of land, inclusive of a 160,000 sq. ft. state-of-the-art greenhouse, in Leamington, Ontario - a preeminent locale for hemp and cannabis cultivation in Canada.
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Blox Labs Inc.
Blox Labs Inc.
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.