OTTAWA, ONTARIO--(Marketwired - Sept. 19, 2016) - GrowPros Cannabis Ventures Inc. ("GrowPros" or "the Company") (CSE:GCI) is pleased to announce that its shareholders have approved an amendment to the Company's articles of incorporation in order to change its name. The Board of Directors, at a special meeting following the annual shareholders meeting, has selected Tetra Bio-Pharma Inc. as the new name for the Company.
The Company also announces the re-appointment of Mr. André Audet as Director of GrowPros and welcomes three new directors on its Board, Mr. André Rancourt, Mr. Robert Brouillette, and Mr. Benoit Chotard. (Reference to News Release of August 25, 2016)
The firm of McGovern Hurley Cunningham, LLP, was re-appointed as auditors of the Company.
Shareholders have approved the Board's request for consolidation of the share capital of the Company on the basis of a consolidation ratio of one (1) post-consolidation share for every three (3) pre-consolidation shares. As previously released the consolidation will only be implemented in the case of a major business development.
Non-Brokered Private Placement
The Company also announces a non-brokered private placement (the "Offering") comprised of 5,000,000 units at a price of $0.05 per unit for gross proceeds of $250,000. Each unit will consist of one common share and one transferable warrant. Each warrant entitles the holder to purchase one common share at a price of $0.07 for a period of twenty-four months following the closing of the Offering. All securities issued pursuant to the private placement are subject to a four-month hold period from the closing date and are subject to all necessary regulatory approvals.
In connection with the private placement, the Company may pay finder's fees.
The proceeds of the private placement will be used to fund general working capital.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.