Aphria Inc. Begins Trading on the TSXV

TORONTO, ONTARIO--(Marketwired - Dec. 8, 2014) -

NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES

Aphria Inc. ("Aphria") (TSX VENTURE:APH) is pleased to announce that effective at the open of the market today, Aphria's common shares will be listed and will commence trading on the TSX Venture Exchange (the "TSX-V") under the ticker symbol "APH".

On December 2, 2014, Aphria, formerly named Black Sparrow Capital Corp. announced shareholder approval of its previously announced business combination (the "Transaction"). The Transaction has now received all final approvals, including the final approval of the TSXV. The total number of issued and outstanding common shares of Aphria at the resumption of trading will be 52,479,587, expressed on a non-diluted basis.

Cole Cacciavillani, Chief Operating Officer of Aphria, was issued and has acquired control of, directly or indirectly, an aggregate of 9,944,444 common shares of Aphria in connection with the completion of the Transaction. As a result of the combination, Mr. Cacciavillani collectively owns or controls, directly or indirectly, an aggregate of 9,944,444 common shares, and controls the right to acquire an additional 500,000 common shares upon the exercise of 500,000 incentive stock options. Such securities represent 18.9% of Aphria's issued and outstanding common shares (or approximately 19.7 % on a partially diluted basis assuming conversion of Mr. Cacciavillani's options).

John Cervini, Chief Agronomist Officer of Aphria, was issued and has acquired control of, directly or indirectly, an aggregate of 11,500,011 common shares of Aphria in connection with the completion of the Transaction. As a result of the combination, Mr. Cervini collectively owns or controls, directly or indirectly, an aggregate of 11,500,011 common shares, and controls the right to acquire an additional 500,000 common shares upon the exercise of 500,000 incentive stock options. Such securities represent 21.9% of Aphria's issued and outstanding common shares (or approximately 22.7% on a partially diluted basis assuming conversion of Mr. Cervini's options).

The securities are held for investment purposes, and Mr. Cacciavillani and Mr. Cervini may acquire additional securities, or dispose of their holdings of securities as investment conditions warrant, subject to applicable escrow requirements of the TSX-V. Copies of the reports filed in connection with these share ownerships are available under Aphria's corporate profile at www.sedar.com

About Aphria

Aphria, a company continued under the laws of the Province of Ontario and based in Leamington, Ontario, is in the business of producing, supplying and selling medical marijuana pursuant to the Marihuana for Medical Purposes Regulations (the "MMPR"). Under the MMPR, Health Canada is responsible for the oversight of commercial medical marijuana growers such as Aphria. The head office of Aphria is located at 5300 Commerce Court West, 199 Bay Street, Toronto, ON, M5L 1B9.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to Aphria's intended business focus. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory matters; the ability of Aphria to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.