SIMPLY SOLVENTLESS ANNOUNCES INTENT TO OVER SUBSCRIBE $0.25 UNIT FINANCING FROM $3.5 MILLION TO UP TO $3.85 MILLION

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CALGARY, July 3, 2024 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC") is pleased to announce that due to strong demand, it intends to over subscribe its previously announced financing of units from 14,000,000 units ("Units") for aggregate gross proceeds of up to $3,500,000 to up to 15,400,000 Units for aggregate gross proceeds of up to $3,850,000 (the "Financing"). The Financing was originally announced in SSC's press release dated June 25, 2024, which is available on SSC's SEDAR+ profile at www.sedarplus.ca.

Each Unit consists of one common share ("Common Share") and one-half of one common share purchase warrant ("Warrant") of SSC, with each whole warrant being exercisable for one Common Share of SSC at a price of $0.40 per share for a period of two years from the date of issue. If, at any time prior to the expiry date of the Warrants, the closing price of the Common Shares on the TSX Venture Exchange ("TSXV") is greater than $0.40 for any 10 consecutive trading days, SSC may, at SSC's discretion, and at any time going forward, deliver a notice to the holders of Warrants accelerating the expiry date of the Warrants to the date that is 30 days following the date of such notice (the "Accelerated Exercise Period"). Any unexercised Warrants shall automatically expire at the end of the Accelerated Exercise Period.

All securities issued under the Financing will be subject to a hold period expiring four months and one day from the date of issue. The Financing is expected to close on or around July 9, 2024.

As previously announced on June 25, 2024 in its News Release which is available on SSC's SEDAR+ profile at www.sedarplus.ca, SSC intends to use the net proceeds of the Financing to facilitate its services agreement with CannMart Inc. and Lifeist Wellness Inc., to fund the acquisition of CannMart Inc., and to commission in-house hydrocarbon extraction equipment.   

The completion of the Financing is subject to the approval of the TSXV.

On a proforma basis, assuming completion of the maximum Financing, SSC is expected to have approximately 69.2 million Common Shares outstanding (basic), of which approximately 22% will be held by insiders (assuming 15,400,000 Units are issued). Of SSC's outstanding Common Shares, approximately 17.0 million (22% assuming 15,400,000 Units are issued) are escrowed pursuant to TSXV policies. Further details with respect to SSC's escrowed securities can be found in SSC's filing statement dated October 31, 2023 which is available on SSC's SEDAR+ profile at www.sedarplus.ca.

About Simply Solventless Concentrates Ltd.

SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers.

For more information regarding SSC, please see www.simplysolventless.ca. 
For SSC's current investor presentation, please see the following link: Investor Presentation.

Notice on Forward Looking Information

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected", "approximately" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the use of proceeds of the Financing, the expected closing date of the Financing and the securities of SSC outstanding on closing of the Financing. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material risks, factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the ability to satisfy conditions precedent to the closing of the Financing, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Simply Solventless Concentrates Ltd.

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