SEATTLE--(BUSINESS WIRE)--Empower Clinics Inc., formerly Adira Energy Ltd. (“Empower” or the “Company”), a leading owner and operator of medical cannabis clinics in the US, announced today that its common shares (the “Common Shares”) will begin trading on the Canadian Securities Exchange (“CSE”) at the opening of the market on Monday, April 30, 2018 under the stock symbol “EPW”. The Company also intends to voluntarily delist the Common Shares from the TSX Venture Exchange (“TSXV”).
Further to the previous announcements by the Company, Empower completed a transaction to acquire the assets of SMAART Holdings Inc. (the “Target”) that constituted a reverse take-over of the Company (the “Transaction”). Pursuant to the Transaction, a subsidiary of the Company amalgamated with the Target to form a wholly owned subsidiary of Empower. In return, all of the issued and outstanding securities of the Target were exchanged for equivalent securities, including Common Shares, of Empower. In connection with the Transaction, the Company also changed its name to “Empower Clinics Inc.” and underwent a 6.726254 to one share consolidation. In addition, a private placement was completed whereby 8,443,473 Common Shares were issued at a price of CDN$0.31 per share for aggregate gross proceeds of CDN$2,617,476. As a result, Empower will have 70,966,958 Common Shares issued and outstanding.
Additional information concerning both Empower and the Target and further particulars concerning the Transaction is also available in the CSE listing statement that will be posted under the Company’s SEDAR profile and on the website of the CSE.
“This is an important milestone for Empower, as we execute on an ambitious roadmap to expand our reach and operations nationally and beyond,” said Craig Snyder, Empower CEO. “With a growing footprint of physician-staffed clinics and proprietary branded medical products, we are well positioned for leadership in the medical cannabis sector, as we enable more individuals to improve and protect their heath. Our listing on the CSE is a catalyst to accelerate our strategy during a promising time for the broader industry.”
Empower is a leading owner and operator of medical cannabis clinics and developer of medical products in the US, focused on enabling individuals to improve and protect their health. The company provides treatment solutions through its physician-staffed clinics that are focused on education, data, and efficacy. Empower is a recognized leader and the first choice for patients seeking quality experience and improved health.
For further information about Empower please see the Company’s website at empowerclinics.com or contact the following:
Boom Capital Markets
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. Forward-looking information contained in this news release includes, but is not limited to, the delisting of the Common Shares from the TSXV, the listing of the Common Shares on the CSE and the future growth plans of the Company. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events and are therefore based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Neither the TSXV, the CSE nor their Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.