After a recently completed Business Combination Agreement with LKP Solutions Inc., ACMPR applicant Osoyoos Cannabis Inc. has submitted its application to list its common shares on the Canadian Securities Exchange.
Still in its early stages, Osoyoos Cannabis Inc. “will be in the business of producing cannabis extracts from raw cannabis using CO2 extraction processing technology,” and “will initially operate from a facility located in Oliver, British Columbia once it has received a processing license from Health Canada.”
Better Late Than Never
Back in November 2017, when Quinsam Capital Corp. (CSE:QCA) (OTC:QCAAF) closed a $262,500 CAD investment in Osoyoos Cannabis Inc., the release noted that “Quinsam expects Osoyoos to seek a stock exchange listing in the coming months.”
Better late than never, Osoyoos’ listing application is now in the “review stage,” according to a recent press release.
Along with this announcement came the resignation of Quinsam CEO Roger Dent from the Osoyoos Cannabis Inc. Board of Directors due to “conflicting business responsibilities.” That being said, “he will continue to assist the Company on an independent consultant basis as required.”
Quinsam Cashing Out?
The Quinsam investment was structured as a 3-year 10% convertible debenture as well as warrants, plus Quinsam obtained an arrangement fee payable in shares of Osoyoos. With Quinsam expecting a liquidity event months ago, and Roger Dent leaving the Board, it looks like Quinsam may be cashing out.
At the time of the investment, Quinsam CEO Roger Dent commented:
“While Osoyoos is not as advanced as some other ACMPR applicants, the valuation at which our investment has been made is reflective of that fact.”
It sounds like Quinsam Capital could stand to make a pretty penny if the CSE approves share of Osoyoos Cannabis…
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