Completes Small Raise of $1,350,000
LOS ANGELES and TORONTO, Nov. 27, 2019 (GLOBE NEWSWIRE) — Tinley Beverage Company Inc. is pleased to provide an update on its licensing, co-packing and corporate initiatives.
Long Beach Licensing
The Company is delighted to report that the relevant regulatory bodies at the state level have indicated that the Company’s cannabis entity has satisfied requirements for receipt of a cannabis manufacturing license, pending satisfactory municipal approvals from the City of Long Beach. The Company has completed tenant improvements requested by the municipality during its pre-inspections, most of which were related to electrical upgrades that are required for the Company’s purpose-built bottling line. The Company expects electrical inspections for this equipment to take place in early December, after which the utility can complete transformer and meter activation. This activation will trigger a final round of inspections by all relevant municipal departments. Upon completion of these inspections and receipt of its cannabis manufacturing license, the Company will undertake the final commissioning of the bottling line using cannabis-infused product. The Company has bottled non-infused versions of several of its products as part of pre-commissioning testing.
The Company is also pleased to report that three of its prospective manufacturing clients have indicated a desire to package their cannabis beverages in aluminum cans. The Company would proceed with installation of a canning line upon execution of such client agreements.
Financing and DTC Eligibility
Tinley has received approval from the Depository Trust Company (DTC), making its shares DTC eligible. DTC provides depository and book entry services, along with a settlement system for equities in the United States and across the globe. The organization is a member of the U.S. Federal Reserve System and a registered clearing agency with the U.S. Securities and Exchange Commission. Shares can now be purchased with relative ease, through online brokers with DTC eligibility.
As previously disclosed, on November 14, Tinley completed a non-brokered private placement (“Offering”) raising gross proceeds of $500,000 from the issue and sale of 1,250,000 units (the “Units”). The Company has subsequently accepted additional, primarily inbound investor interest of $850,000 in the Offering, thereby bringing the total gross proceeds of the Offering to $1,350,000. Each Unit was purchased for $0.40 and is comprised of one common share of Tinley (“Common Share”) and one common share purchase warrant (“Warrant”). Each Warrant is exercisable into one Common Share (“Warrant Share”) at a price of $0.60 for a period of 36 months following the closing. The Common Shares, Warrants and Warrant Shares are subject to a statutory hold period of four months and a day from the date of closing. In connection with the Offering, Tinley has paid finders fees on portions of the Offering totaling $86,275 and 215,688 Broker Units, inclusive of the finders fees reported on November 14. Each Broker Unit Option entitles the finder to acquire one Unit (a “Broker Unit”) at an exercise price of $0.40 for a period of 36 months following the closing of the Offering with each Broker Unit comprised of one Common Share and one Warrant. The proceeds will be used for additional equipment, including the prospective canning line, marketing and working capital.
About The Tinley Beverage Company
The Tinley Beverage Company (Santa Monica, California) created the Beckett’s™ Tonics and Beckett’s™ ’27 line of liquor-inspired, terpene-infused, non-alcoholic beverages. It has also created cannabis-infused versions of these products under the Tinley™ Tonics and Tinley™ ’27 brands. The Tinley™ branded cannabis-infused beverages are available in licensed dispensaries and delivery services throughout California; the Beckett’s™-branded non-THC versions will be available in mainstream food, beverage and specialty retailers, as well as on premises locations, throughout California and elsewhere in the USA. The Company has also built a 20,000 square foot cannabis beverage manufacturing, co-packing and distribution facility in Long Beach, California.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
Products, formulations and timelines outlined herein are subject to change at any time. All figures CAD unless otherwise indicated.
For further information on The Tinley Beverage Company, please contact:
The Tinley Beverage Company Inc.
3435 Ocean Park Blvd. #107
Santa Monica, CA 90405
(Client) THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS