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FastForward Inn Ltd - Investee Company Update: Nuuvera

RNS Number : 4346Z
FastForward Innovations Limited
15 December 2017
 

15 December 2017

 

 

FastForward Innovations Limited

("FastForward"")

Investee Company Update:

Nuuverra announces conditional approval to its

proposed Qualifying Transaction

FastForward is pleased to announce that investee company Nuuverra Corp ("Nuuverra" or "the Company"), a privately held company formed to capitalize on the global secular trend towards the legalization of cannabis, in which FastForward has an effective holding of 3.75%, has reported that Mira IX Acquisition Corp. ("Mira IX"; TSX Venture: MIA:P) has announced that it has received conditional approval from the TSX Venture Exchange (the "TSXV") in respect of its qualifying transaction (the "Transaction") with Nuuvera Corp. ("Nuuvera") pursuant to Policy 2.4 - Capital Pool Companies of the TSXV.

In accordance with the previously announced amalgamation agreement dated November 17, 2017 (as announced by FastForward on 20 November 2017), Mira IX Subco Inc., a wholly-owned subsidiary of Mira IX, will amalgamate with Nuuvera. Prior to closing of the Transaction, it is intended that Nuuvera will change its name to "Nuuvera Holdings Limited" and Mira IX will change its name to "Nuuvera Inc.". The transaction is expected to close on or before December 29, 2017.

In connection with the Transaction and pursuant to TSXV requirements, Mira IX has filed a filing statement dated December 14, 2017 on SEDAR (www.sedar.com).

 

Lorne Abony, Chief Executive Officer of FastForward, said, "Today's announcement is yet another  exciting  step forward in the  development of Nuuverra to be the leading Canadian producer with one of the lowest cost production facilities in Canada".

About Nuuvera Corp.

The principal business of Nuuvera is to identify and evaluate businesses and assets with a view to acquire entities currently licensed for and engaged in the production, extraction and sale of medicinal cannabis products. Nuuvera carries on its business through its subsidiaries, ARA-Avanti Rx Analytics Inc. ("Avanti"), of which Nuuvera indirectly holds 51%, and Avalon Pharmaceuticals Inc. ("Avalon"), an indirect wholly-owned subsidiary of Nuuvera. Avanti is a "Licensed Dealer" as defined pursuant to the Narcotic Control Regulations and holds an establishment license evidencing its facilities compliance with Health Canada's Good Manufacturing Practices requirements. The business of Avanti is the extraction, testing and analysis of cannabis and cannabis derivative products on behalf of Licensed Producers and other authorized individuals under the Narcotic Control Regulations and the Access to Cannabis for Medical Purposes Regulations. Avanti does not grow, distribute, nor sell/commercialize cannabis. In addition, Avanti offers a comprehensive menu of services in respect of controlled substances beyond cannabis including analytical research and development and quality control, waste management, as well as quality assurance and regulatory consulting. Avalon has not yet carried on any operations but has been advised that Health Canada has completed its paper based review of Avalon's pending application to become a "Licensed Producer" under the Access to Cannabis for Medical Purposes Regulations. Accordingly, Health Canada has granted Avalon permission to proceed with the construction of its cultivation facility located in Brampton, Ontario.  Avalon is in negotiations regarding the build-out of its facility. Nuuvera has also entered into a global strategic partnership with Aphria Inc. and Nuuvera is currently exploring additional cannabis related opportunities outside of Canada.

For further information please visit www.fstfwd.co or contact:

FastForward  Innovations Limited info@fstfwd.co  

Josh Epstein/ Ian Burns

Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396

James Biddle / Roland Cornish

Optiva Securities Limited (Broker) Tel: +44 (0) 203 411 1881

Ed McDermott

CAUTIONARY STATEMENT

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.

Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. FastForward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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