- Dash Capital (DCX.P) has signed a letter of intent for a qualifying transaction with Simply Solventless Concentrates
- SSC manufactures a portfolio of pure, potent, terpene-rich solventless concentrates for discerning cannabis users
- SSC achieved its first revenue in Q2 2021
- Upon completion, SSC shareholders will own approximately 90 per cent of Dash
- Dash Capital’s principal business is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction
- Dash Capital (DCX.P) ended the day trading flat at $0.13 per share
Dash Capital (DCX.P) has signed a letter of intent for a qualifying transaction with Simply Solventless Concentrates.
Pursuant to the transaction, all of SSC’s issued and outstanding shares will be exchanged for post-consolidated Dash shares.
Prior to closing, Dash will consolidate its shares such that each post-consolidation share shall equal three pre-consolidation shares.
Upon completion, SSC shareholders will own approximately 90 per cent of Dash.
SSC overview
SSC manufactures a portfolio of pure, potent, terpene-rich solventless concentrates for discerning cannabis users.
On December 30, 2020, SSC entered into a licensing agreement with Sundial Growers pursuant to which Sundial applies SSC’s intellectual property to the processing and manufacturing of solventless concentrates.
SSC achieved its first revenue in Q2 2021.
Operations of the resulting issuer
The resulting issuer will change its name to Simply Solventless Concentrates, indirectly carry on the business of SSC, and list its shares on the TSXV.
Management of the resulting issuer
Upon completion, Dash’s current directors will resign and be replaced by seven suitable nominees, with one brought forth by Dash and six by SSC.
Advance to SSC
Upon completion, Dash intends to advance a secured loan of C$250,000 to SSC, which the company will use to acquire cannabis inventory for processing.
Private placement
Prior to executing a definitive agreement, SSC intends to complete a private placement at $0.25 per unit.
Each unit is comprised of one SSC common share and one-half of one common share purchase warrant.
Each warrant will entitle the holder to purchase one SSC share for $0.30 for three years from the date of issue.
The company intends to issue a total of 4,000,000 shares and 2,000,000 warrants.
Meeting of Dash shareholders
Dash intends to call a shareholder meeting to seek approval for certain corporate matters including the consolidation.
The companies intend to negotiate and enter into a definitive agreement incorporating the LOI’s principal terms.
Dash Capital’s principal business is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction.
Dash Capital (DCX.P) ended the day trading flat at $0.13 per share.
