Toronto, Ontario--(Newsfile Corp. - June 14, 2021) - Humble & Fume Inc. ("Humble" or the "Company"), announced today that it expects to commence trading on the Canadian Securities Exchange ("CSE") on Wednesday, June 16, 2021. On June 3, 2021, the Company received conditional approval from the CSE to list under the symbol "HMBL", on completion of the reverse-takeover (the "RTO") by Humble of Canada Iron Inc. ("Canada Iron").
Humble is uniquely positioned as one of North America's leading cannabis distribution solution providing customer-centric services and accessories.
"Our first day of trading will mark an exciting new chapter for Humble & Fume. As the only cannabis industry player in North America to offer a fully integrated cannabis distribution solution, we aim to establish ourselves as the North American leader in this market. Listing on the CSE will provide widespread exposure to the investment community which we look forward to keeping up-to-date on our upcoming achievements," said Shawn Dym, Executive Chairman of Humble. "With a strengthened balance sheet of over C$10 million in cash and no debt, we are well positioned to execute on our strategic priorities to continue to grow the business and create shareholder value."
On closing of the RTO, Humble intends to amalgamate with a wholly-owned subsidiary of Canada Iron, with the resulting amalgamated entity becoming a wholly-owned subsidiary of the Resulting Issuer (that is, Humble & Fume Inc. (being the former Canada Iron) an Ontario corporation and reporting issuer. Pursuant to the RTO, shareholders of Humble will exchange their common shares of Humble for common shares of the Resulting Issuer, on a one-for-one basis, including those shareholders resulting from the conversion of approximately $20M aggregate principal of Humble's outstanding convertible debentures plus interest and approximately $10.2M subscription receipts of Humble, immediately before closing of the RTO. In addition, the Resulting Issuer will also issue options, warrants and restricted share units in exchange for, and on the same terms as, current existing Humble options, warrants and restricted share units, as applicable.
The Company and Canada Iron will issue a comprehensive disclosure press release after closing of the RTO and on confirmation of final listing approval from the CSE, which at this time remains outstanding. Additional information regarding the RTO is available on Canada Iron's SEDAR profile at www.sedar.com.
About Humble & Fume
Humble & Fume is one of North America's leading cannabis distribution solution providing customer-centric services and accessories. Humble & Fume works with over 200 leading industry brands and offer more than 10,000 accessories and extract products, and is the only major cannabis industry player to provide a fully integrated cannabis and accessories distribution solution with complete sales, distribution, and trade market support. Servicing more than 3,000 clients continent-wide, we can reach 90% of North American customers within 48 hours. Leveraging decades of North American Cannabis industry experience, we are committed to being a leading partner and brand representative by offering a comprehensive portfolio of leading brands and products to head shops, smoke shops, dispensaries, and consumers.
Learn more at humbleandfumeinc.com.
Forward-Looking Information and Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the closing of the Company's RTO with Canada Iron, the proposed listing of the Company's common shares on the CSE, and the focus of the Company's business and growth strategy. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the closing of the RTO, the expected listing and trading on the CSE, Humble &Fume's strategic plans are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the RTO will close, the listing and trading of the Company's shares on the CSE will occur or that, if they do occur, they will be completed on the terms and timing described above. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law. Readers are encouraged to refer to the Listing Statement for information as to the risks and other factors which may affect the Company's business objectives and strategic plans.
For more information, please contact:
Edge Communications Group
Phone: 1 778 400 7894
KCSA Strategic Communications
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87442