Sun Pharm has received a $1m equity investment from the Songhees Nation. The investment took the form of a private placement of 345,610 common shares of Sun Pharm at a price of $2.82 per share. Songhees is a First Nation in Victoria BC with a progressive vision rooted in tradition and culture. The Nation operates six businesses in tourism, hospitality, property development and marine industrial services.
“As both CEO of Zenabis and a lifelong British Columbian, I am hugely gratified to have received this investment by the Songhees Nation,” said Rick Brar, Chief Executive Officer of Zenabis. “We look forward not only to growing this significant investment for Songhees members, but to future opportunities to work with Songhees leadership on initiatives that support the Nation’s economic development.”
Songhees Chief Ron Sam says “our Nation invested in Zenabis after careful deliberation and community discussion. This is a long term investment in a company whose vision we believe in.”
To date, Zenabis has received investments from Millbrook First Nations and Listuguj First Nations in two provinces in Atlantic Canada. This new investment into Zenabis by the Songhees Nation on the west coast marks the latest step in forming close, mutually beneficial relationships with all Zenabis stakeholders across Canada.
As previously announced on October 4, 2018, Bevo and Sun Pharm have entered into an agreement with respect to a reverse take-over of Bevo, and announced that the resulting issuer will change its name to Zenabis. Through Sun Pharm’s subsidiary licensed producer Zenabis, Zenabis Global Inc. will have nearly 3.5 million square feet of available production space. On completion of the transaction, the shares of Sun Pharm that have been issued to the Songhees Nation will be exchanged for shares of Bevo on a one for one basis.
Completion of the Bevo-Sun Pharm Transaction remains subject to review and approval by the TSX Venture Exchange, shareholder approval and approval of the BC Supreme Court.