LANGLEY, BC / APRIL 05, 2021
ADASTRA LABS ANNOUNCES NAME CHANGE TO PHYTO EXTRACTIONS INC. & SHARE CONSOLIDATION
Further to its press release dated March 23, 2021, Adastra Labs Inc. is proceeding to complete its name change to Phyto Extractions Inc. and consolidation.
As part of the process, the company has changed its name with the corporate registry and the change will not be finalized with respect of listing and trading until effective April 7, 2021, pending compliance with Canadian Securities Exchange filing and effectiveness timelines and to match the effective date of the name change and consolidation for listing and trading purposes. There will be no change to the company’s trading symbols.
The company’s consolidation of its common shares will consolidate each three current common shares of the company to one postconsolidation common share under the new name. Fractional shares as the result of the consolidation will be rounded up. The record date for the consolidation is April 8, 2021, with an effective date of April 7, 2021.
Shareholders will receive a letter of transmittal from the company’s transfer agent with instructions on how to exchange their current share certificates with new share certificates or direct registration statements (DRS) of the company, reflecting postconsolidation/postname change shares. A copy of the letter of transmittal will also be posted on the company’s SEDAR profile. The company’s new postconsolidation/postname Cusip and ISIN will be 71945P103 and CA71945P1036, respectively.
Update on financing
The company would like to clarify that its previously announced planned private placement equity unit offering consisting of one common share and one whole warrant priced at $1.10 per unit has been set to begin after the mentioned name change and consolidation have been effected. The financing will be undertaken to raise working capital for expanded growth of business operations, Phyto Extraction product offerings (over 16 new SKUs) (pending closing of the acquisition), marketing and sales throughout Canada. The mentioned terms including price of the securities reflect postconsolidation securities of the company. The financing will be a private placement on an exempt basis to qualified investors, mainly accredited investors. Interested parties can contact the company for more information and should consult their own independent financial and legal advisers with respect of their interest and potential investment into the company.
About Adastra Adastra Labs Inc.
Adastra Labs is an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, B.C., at its co-located Health Canada licensed standard processing (extraction, no cultivation), sales (extracts, topicals and edibles) and analytical testing laboratory (Chemia Analytics) facilities. Chemia Analytics is a wholly owned subsidiary of the company. Adastra Labs also has a research and development licence amendment pending Health Canada approval.