Company intends to purchase up to $5 million in shares
TORONTO, Dec. 18, 2018 (GLOBE NEWSWIRE) — Captor Capital Corp. (“Captor” or the “Company”) (CSE: CPTR; FRANKFURT: NMV; STUTTGART: NMVA; USOTC: NWURF), a cannabis-focused investment company, announced today its intention to commence a normal course issuer bid (“NCIB” or the “Bid“) to expend up to an aggregate of CDN $5 million on the purchase of common shares of the Company (the “Shares“). The actual number of Shares that may be purchased under the Bid, the value of the consideration per Share, and the exact timing of any such purchases will be determined by the Company and will depend on, among other things, future market conditions.
“Captor is commencing the Bid because it believes that the market price of its Shares does not reflect the underlying value of the Company’s business and future prospects,” said Captor Capital CEO, John Zorbas. “In consideration of this fact, the Company believes the repurchase of its Shares for cancellation would be in the best interests of its shareholders.”
Pursuant to the NCIB, the Company may, if considered advisable, purchase the Shares through the facilities of the Canadian Securities Exchange (“CSE“) and/or alternative trading systems, from time to time over the next 12 months, and shall not, in any event, exceed 5% of the issued Shares. As of December 17 2018, the Company had 39,353,006 Shares issued and outstanding. Pursuant to the NCIB, the Company may acquire up to 1,967,650 Shares, representing 5% of its issued and outstanding Shares. The Company has appointed Richardson-GMP to coordinate and facilitate its NCIB purchases. Purchases are expected to commence through the CSE and/or alternative trading systems on or about December 27, 2018 and will conclude on the earlier of the date on which purchases under the bid have been completed or December 26, 2019. All Shares purchased by the Company will be cancelled.
About Captor Capital
Captor Capital Corp. is a Canadian firm focused on the cannabis sector listed on the Canadian Securities Exchange, the OTC, and the Frankfurt and Stuttgart stock exchanges. A vertically integrated cannabis company, Captor provides recreational and medical marijuana based products to consumers via its leading brands and dispensary locations. Listed on the Canadian Securities Exchange, the OTCUSA, and the Frankfurt Stock Exchange, Captor owns and operates advanced growing facilities which produce consistent high quality contaminant free marijuana for its customers, as well as other high demand cannabis based goods for consumption. The Company follows a strategy of acquiring cash flowing established companies and organizations with growth potential that require capital to scale. Captor currently has a number of revenue generating cannabis investments including the world famous West Hollywood MedMen branded dispensary, CHAI in Santa Cruz and Higher Level, Castroville. Captor Capital is currently looking at additional revenue generating investments in the cannabis space and will be updating the market in due course.
Gavin Davidson, Communications
Captor Capital Corp.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.