Primo Nutraceuticals Inc. Announces Share Consolidation
VANCOUVER, British Columbia, Aug. 24, 2020 (GLOBE NEWSWIRE) — PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVF) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“Primo” or the “Company”) is pleased to announce its intention to proceed with a share consolidation (the “Consolidation”) of its issued and outstanding common shares (“Common Shares”) on the basis of one (1) post-consolidation Common Share for every fifteen (15) pre-consolidation Common Shares.
The Consolidation received approval from the Canadian Securities Exchange and pursuant to the articles of the Company, the Board of Directors of the Company has approved the Consolidation by way of Board resolutions.Currently, a total of approximately 156,989,280 pre-Consolidation Common Shares of the Company are issued and outstanding. Accordingly, upon the Effective Date of August 26, 2020, the outstanding Common Shares of the Company will be reduced to approximately 10,465,952 post-Consolidation Common Shares.About Primo NutraceuticalsPrimo Nutraceuticals Inc. (“Primo” or the “Company”) is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and non-cannabis related products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo’s management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of “Primo” branded retail outlets – offering “Thrive,” “Primo,” and a selection of curated partner brands. The Company possesses proprietary formulas for cannabis edibles, topical, and tinctures. Primo is focused on building a strong presence in the hemp industry with the objective of extracting and selling cannabinoids (CBD) products in both Canada and the United States.On behalf of the Board of DirectorsPRIMO NUTRACEUTICALS INC.“Andy Jagpal”President and DirectorFor further information, please contact Zoltan, IR Representative at: 604-722-0305, or; [email protected]To learn more about what this news means to the shareholders visit:www.primonutraceuticals.comwww.twitter.com/Prmoincwww.thrivecbd.comwww.mariannacorp.comFORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. No regulatory authority has approved or disapproved the information contained in this news release.