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Vancouver, British Columbia – (Newsfile Corp. – June 4, 2021) – Endocan Solutions Inc. (“Endocan“or the “Company“) announces the signing of a share exchange agreement (the” Agreement “) for the acquisition of Nirvana Life Sciences Inc. (“Nirvana”). The Acquisition will result in the acquisition by the Company of 100% of the issued and outstanding common shares of Nirvana by way of a reverse takeover or business change (the “Transaction“).
The Company will issue approximately 39,000,000 common shares (on “Trading actions“) to shareholders of Nirvana under a share exchange agreement.
The Transaction is subject to several conditions precedent, including the performance of a confirmatory due diligence by the Company and the receipt of all regulatory, shareholder, CSE information (the “Exchange“) and third party approvals.
The Company intends to complete a non-brokered private placement financing of a minimum of 2,000,000 common shares (“the shares“) to a deemed value of $ 0.35 per share (funding“). The Company will use the net proceeds of the Financing to fund operations while it works to complete the Transaction. The Shares issued under the Financing will be subject to a legal holding period of four months. Closing of the financing is subject to receipt of all regulatory approvals.
About Nirvana Life Sciences Inc.
Nirvana is a development company focused on the development of novel therapeutics derived from psychedelics. Nirvana was founded by researchers who believe that psychedelic drugs may offer new approaches for pain management as well as treatment for conditions such as addiction, anxiety, and depression.
Nirvana’s initial purpose is twofold; develop psilocybin-derived drugs that can break human opioid dependence and develop non-abusive delivery systems. Nirvana believes that psychedelic drugs can be used to break human addiction to opioid drugs.
Nirvana has purchased a portfolio of intellectual property from researchers with considerable experience in the field of psychedelics. Preclinical trials of these formulations are currently underway.
Nirvana has received a Section 56 exemption from Health Canada and is currently awaiting a decision on its distributor license application. Nirvana is finalizing plans to build its Vancouver lab to a GMP standard.
About Endocan Solutions Inc.
Endocan Solutions Inc. is a reporting issuer that has recently undergone a recapitalization and reorganization. He was delisted from the Canadian Securities Exchange (the “CSE”) on December 6, 2016, was subsequently placed under new management and has since undergone a name change and share consolidation. The trading bans imposed by the BCSC and OSC were lifted on October 19, 2019. The Company is preparing a registration statement to file with the CSE.
About the combined company
At the end of the Transaction, the resulting Company (the “Combined company“) will continue to exercise the activity of Nirvana.
Declaration of registration and warning
Further details on the Transaction and the Combined Company will be provided in a Company filing statement to be prepared and filed in relation to the Transaction. Investors are cautioned that, unless otherwise specified in the statement of custody, any information disclosed or received relating to the transaction may not be accurate or complete and should not be relied upon.
On behalf of the Board of Directors,
Endocan Solutions Inc.
Mr. Bruce Clark
Chief executive officer
For more information, please contact the Company at:
Phone. : (604) 401-8100
Email: [email protected]
Notice to readers
This press release may contain forward-looking information subject to risks and uncertainties. All statements contained, other than statements of historical fact, should be considered forward-looking. Although the Company believes that the expectations expressed in this forward-looking information are based on reasonable assumptions, this information is not a guarantee of future performance and actual results or developments may differ materially from those contained in the forward-looking information. Factors that could cause actual results to differ materially from those of forward-looking information include, but are not limited to, fluctuations in market prices, the success of the Company’s operations, the continued availability of capital and funding and general economy, market or business conditions. There can be no assurance that any such information will prove to be accurate and, therefore, readers are urged to rely on their own assessment of these uncertainties. The Company assumes no obligation to update forward-looking information, except as required by applicable securities laws.
Neither CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86592