LOS ANGELES, May 27, 2020 /PRNewswire/ -- International Cannabrands Inc. dba Radiko Holdings (CSE: RDKO) (the "Company") is pleased to announce its intention to commence a normal course issuer bid ("NCIB"), under which the Company may purchase, from surplus cash flow anticipated by the Company's recently acquired BioNeva asset, up to 21,793,023 of the Company's common Shares, representing approximately 5% of its issued and outstanding common shares.
The Company is commencing the NCIB because it believes that, from time to time, the market price of its Shares may not fully reflect the underlying value of the Company's business and future prospects. Radiko believes that, at such times, the repurchase of its Shares for cancellation may represent an appropriate use of the Company's financial resources and would thereby enhance shareholder value.
Steve Gormley, CEO of the Company commented, "I want to quell any concerns that the company is contemplating a consolidation at this time. We are looking at raising capital through debt instruments and will not entertain a brokered round until the share price is consistent with the value of the Company."
The Company intends to appoint Leede Jones Gable Inc. as its broker to conduct the NCIB on its behalf. The NCIB is expected to commence on May 29, 2020 and terminate on May 29, 2021, or an earlier date in the event that the number of Shares sought in the NCIB has been repurchased or if the Company feels that it is appropriate. All Shares purchased under the NCIB will be purchased on the open market through the facilities of the Canadian Securities Exchange. All purchases made under the NCIB will be at the prevailing CSE market price for the Shares at the time of purchase. Shares acquired by the Company under the NCIB are being purchased for cancellation.
About Radiko Holdings
International Cannabrands Inc. dba Radiko Holdings (RDKO) is a CBD and cannabis-focused brand portfolio, leveraging the potential of the plant by offering best of breed products that naturally complement today's consumer lifestyles. The Company's mission is to build and market a diversified portfolio of cannabis and CBD brands, with strategic manufacturing and distribution partnerships to support better EBITDA and margins. RDKO markets products with THC content where that practice has been legalized at the state level through either medicinal or recreational use. RDKO also markets products containing CBD in the US and internationally. The Company believes as the legal cannabis and CBD markets evolve, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer concerning Forward-looking Statements
Certain statements included herein constitute "forward-looking statements" relating to expected surplus cash flow from its BioNeva asset and the Company's intention to repurchase common shares for cancellation under the NCIB, within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Additional risks and uncertainties regarding the Company are described in its publicly-available disclosure documents filed by the Company on SEDAR (www.sedar.com). The forward-looking statements contained in this news release represent the Company's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, the Company does not intend, and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.
International Cannabrands Contact:
Chief Executive Officer
International Cannabrands, Ltd.
12655 W Jefferson Blvd
Los Angeles, CA, 90066
Ph: +1-(323)-828-4321 or firstname.lastname@example.org
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The Howard Group
#350, 318 - 11 Avenue SE
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SOURCE Radiko Holdings