Beleave Inc.

Beleave Inc.

October 13, 2016 01:26 ET

Beleave Announces Debt Settlement

TORONTO, ONTARIO--(Marketwired - Oct. 12, 2016) - Beleave Inc. ("Beleave" or the "Company") (CSE:BE) wishes to announce it has completed a shares-for-debt transaction (the "Debt Settlement") with certain consultants and creditors of the Company whereby Beleave will issue common shares at a deemed price of $1.12 for the settlement of existing debt (the "Debt Settlement Shares"). Pursuant to the Debt Settlement, the Company will settle $265,819 of existing debt through the issuance of 237,338 Debt Settlement Shares.

In addition the Company issued 750,000 common shares to officers and directors, to fulfill certain success based contractual obligations.

All issuances are subject to applicable regulatory (including the Canadian Securities Exchange) approvals.

About Beleave

Beleave Inc. is a biotech company committed to becoming a licensed producer under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"). Beleave's wholly owned subsidiary First Access Medical Inc. ("FAM") has applied for a licence to cultivate and sell medical marihuana pursuant to the Marihuana for Medical Purposes Regulations, now the ACMPR. As of the date hereof, FAM has successfully advanced past the security clearance stage and is currently in the review stage of the licensing process. Beleave's purpose built facility is located near Hamilton, Ontario. Beleave is traded on the CSE under the symbol BE, with 23,675,693 Common Shares outstanding (34,201,356 on a fully diluted basis).

Forward-Looking Statements

This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the completion of the ACMPR licensing process, meeting the requirements of the ACMPR, and the start of production. No assurances are given as to the anticipated timing of delivering the confirmations to Health Canada described in this press release nor the anticipated timing of any pre-licensing inspection. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on

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