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StickIt Announces Letter of Intent for Corporate Reorganization Share Consolidation and Proposed Private Placement
Concurrently, the Company announces a post consolidation private placement (the ) of not less than $700,000 and not more than $1,050,000 worth of units (the ), at a price equal to a 25% discount to the trading price of the Company's shares as quoted on the CSE (the ), subject to the pricing policies of the CSE, with each such unit consisting of one (1) Common Share and one (1) Common Share purchase warrant (each a ), with each Warrant will be exercisable, for a period of three (3) years from the date of issuance, into an additional Company's common shares upon payment of the Market Price. Finder's fee will be paid in cash and securities to Capitalink pursuant to CSE policies and regulations. The Private Placement is subject to CSE approval. The proceeds from the sale of units will be added to working capital in furtherance of the Company's business. The securities to be issued under the placement will be subject to a four-month hold period.
Stickit primary assets consist of patents and patent applications related to plant extracts, therapeutic compounds in smoking utensils, and honey complexes. StickIt have already patents granted in USA, Europe , Israel and Canada . The Extra-C stick is created through a unique proprietary process, resulting in condensed cannabis oil presented in a toothpick-like matrix, allowing for the easy conversion of regular cigarettes into cannabis or hemp cigarettes.
StickIt operates from key facilities situated in Dalton, Northern Israel , these facilities are central to the company's research, development, and manufacturing operations.
Stickit's operating model is to establish joint ventures in countries around the world where recreational cannabis is permitted. Each licensee/joint venture partner will establish a production facility in which they will add the cannabis content to sticks produced and supplied by Stickit. As part of those arrangements StickIt is expected to provide the joint venture with the know-how required to manufacture the finished product. The licensee/joint venture partner will produce the finished product, adding cannabis to the raw materials provided by StickIt, and will sell them either directly to the points of sale or through distributors The licensee is expected to pay a setup fee by investing the funds necessary to set up the local production facility. Each licensee will have exclusive rights to produce and market Stickit products in their designated territory
On behalf of the Board of Directors
Eli Ben-Haroosh, CEO
For further information please contact
Mr. Eli Ban-Haroosh at info@stickit-labs.com ;
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