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DOSE - Rapid Dose Therapeutics News Story

C$0.21 0.0  0.0%

Last Trade - 17/05/21

Sector
Healthcare
Size
Micro Cap
Market Cap £9.49m
Enterprise Value £10.4m
Revenue £112k
Position in Universe 1739th / 2711

Rapid Dose Therapeutics Closes Purchase and Amalgamation of Consolidated Craft Brands

Fri 19th March, 2021 9:44pm
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BURLINGTON, Ontario, March 19, 2021 (GLOBE NEWSWIRE) -- Rapid Dose
Therapeutics Corp. (“RDT” or the “Company”) (CSE: DOSE)
(https://www.globenewswire.com/Tracker?data=C_zVSG_ZHKmEtBInGYePqeQOUx4XNgBgIV-QdVRLzsHfEMaE49UTwXDcpfNGC46aB-XP4HuoYADotwXYdV_jsQyYOJ0TeX8bo3N4NOlZnPrX7h7hH-M0ljjm343bXGFlUVG8hL2EZXKvL5RcpRLmLA==),
is a Canadian life sciences company focused on innovative drug and active
ingredient delivery solutions. The flagship product ‘QuickStrip™’ is a
thin, orally dissolvable film infused with an active ingredient
(nutraceuticals, cannabis or pharmaceuticals) that is delivered quickly into
the bloodstream bypassing first-pass metabolism resulting in rapid onset of
the active ingredient.

The Company is announcing today that, further to its press release of March 8,
2021, it has closed the purchase and subsequent amalgamation of 2544737
Ontario Limited, operating as Consolidated Craft Brands (“CCB”), in a
share transaction totalling $5,000,000 CDN. (Five million dollars Canadian).
The transaction is an acquisition by RDT of CCB with CCB being amalgamated
into a newly created subsidiary of RDT.

20,000,000 Units consisting of 1 common share and 1 common share purchase
warrant have been issued subject to an eleven month escrow arrangement. Each
common share has a deemed value of $0.25 per share while each warrant entitles
the holder to acquire one common share of the Company at a price of $0.375 per
common share for a two year period from the issuance date.

In exchange, CCB becomes a wholly owned subsidiary of RDT. CCB brings CPG and
Pharma manufacturing expertise, a Health Canada R&D License with developed
proprietary formulations, branded products, several patent pending
technologies for rapid onset beverage enhancements and a consortium of
strategic alliances including First Nation majority shareholders. The balance
sheet of CCB includes $3,000,000 in cash and cash equivalents including a
repayable advance of $600,000 to RDT as an advance to closing of the
transaction, equipment, inventory, patent pending technologies and the R&D
License. In addition, liabilities in CCB are less than $50,000. The cash is
now available to RDT to fund the ramp up of production to meet demand as it
enters the Commercialization and Rapid Growth Phase in its development.

About RDT

Rapid Dose Therapeutics Corp. is a publicly-traded Canadian life sciences
company providing innovative, proprietary drug delivery technologies designed
to improve outcomes and quality of lives. RDT offers Quick, Convenient,
Precise and Discreet™ choices to consumers. RDT is focused and committed to
clinical research and product development for the healthcare manufacturing
industry — including nutraceutical, pharmaceutical and cannabis industries.
Within the cannabis sector, RDT also provides a turn-key Managed Strip Service
Program enabling RDT’s QuickStrip™ proprietary cannabis delivery
technology to be licensed to select operators in identified markets. RDT’s
service-based annuity contracts drive recurring revenue and facilitate rapid
expansion into emerging markets across multiple consumer segments. RDT is
committed to continually create innovative solutions for humans, animals, and
plants.

For more information, visit: www.rapiddose.ca

For inquiries please contact:

   Mark Upsdell             Pat McCarthy                       
   CEO                      Managing Director Capital Markets  
   mupsdell@rapid-dose.com  pmccarthy@leedejonesgable.com      
   Ofc (416) 477-1052       Ofc (416) 365-8012                 

(https://www.globenewswire.com/NewsRoom/AttachmentNg/a387d767-6399-4b6a-b8b1-63a75fef7963)



GlobeNewswire, Inc. 2021
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