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CHOO - Choom Holdings Inc News Story

C$0.12 -0.0  -4.0%

Last Trade - 13/04/21

Sector
Healthcare
Size
Micro Cap
Market Cap £23.5m
Enterprise Value £40.7m
Revenue £10.6m
Position in Universe 1253rd / 2712

Choom™ Announces Closing of Non-Brokered Private Placement

Thu 4th February, 2021 1:00pm
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NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES

VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Choom™ (CSE:
CHOO; OTCQB: CHOOF), a fast-expanding retail cannabis company that has
established one of the largest store networks in Canada, is pleased to
announce it has completed a non-brokered private placement for gross proceeds
of C$1.95 Million through the issuance of an aggregate 27,857,143 units
("Units") at a price of $0.07 per Unit. Each Unit consists of one common share
and one-half of one non-transferrable warrant (each whole warrant a
“Warrant”). Each Warrant entitles the holder to purchase an additional
common share at an exercise price of $0.12 per share until February 3, 2023. 

In connection with the Offering the Company has paid aggregate finders' fees
of $82,120 in cash and issued 1,173,140 finders warrants (“Finder
Warrant”). Each Finder Warrant entitles the holder to acquire one additional
Common Share at a price of $0.12 per share on the same terms as the Warrants
until February 3, 2023.

All securities issued are subject to a hold period expiring June 4, 2021. The
Company intends to use the net proceeds from the private placement for general
working capital and corporate purposes.

Additionally, the Company advises the grant of 1,000,000 stock options (the
“Options”) to an officer. The Options have an exercise price of $0.10 per
share, are exercisable until February 4, 2026 and will be governed in
accordance with the terms of the Company’s stock option plan.

About Choom™: 

Choom™ is a fast-expanding retail cannabis company that has established one
of the largest store networks in Canada. The Choom brand is inspired by
Hawaii's “Choom Gang”—a group of buddies in Honolulu during the 1970's
who loved to smoke weed—or as the locals called it, “Choom”. Evoking
the spirit of the original Choom Gang, our brand caters to the Canadian market
with the ethos of ‘cultivating good times’. Choom™ is focused on
delivering an elevated customer experience through our curated retail
environments, offering a diversity of brands for Canadians across a national
retail network. 

For additional information
Choom contacts:
Corey Gillon, CEO
Tel: 604-683-2509

Chris Bogart, President
Tel: 604-683-2509
investors@choom.ca

Cautionary Statement on Forward-looking information

This news release contains forward-looking information relating to the
Company's proposed activities and other statements that are not historical
facts. Forward-looking information relates to management's future outlook and
anticipated events or results and includes statements or information regarding
the future plans or prospects of the Company. Although management of the
Company has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward looking
information, there may be other factors that cause results not to be as
anticipated, estimated or intended. These factors include risks and
uncertainties associated with or arising as a result of delays in obtaining or
an inability to obtain required regulatory approvals, access to sufficient
quantities of cannabis, the results of diligence investigations, the actions
of third parties, the results of negotiations with third parties, developments
in the cannabis sector, the ability to access sufficient capital from internal
and external sources, reliance on key personnel, regulatory risks and delays
and other risks and uncertainties discussed in the management discussion and
analysis section of the Company's interim and most recent annual financial
statement or other reports and filings, including those made with the CSE and
applicable Canadian securities regulators. There can be no assurance that such
forward looking information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward
looking information. 

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
HAS REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.





GlobeNewswire, Inc. 2021
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