CALGARY, AB, July 8, 2021 / CNW / – Top Strike Resources Corp. dba “Vencanna Ventures” (the “society” or “Vencanna“) (CSE: VENI) (OTCQB: TPPRF) is pleased to announce the full refund of the 3.3 million US dollars Galenas convertible promissory note (the “Galenas 3.3 million US dollars To note“) in an amount of $ 4.2 million. At February 21, 2020 the Company bought the Galenas 3.3 million US dollars Note, which included accrued interest of approximately US $ 0.4 million, for 3.3 million US dollars (the “Investment“). Galenas LLC repaid the loan amount of $ 3,300,000 million plus accrued interest accrued from $ 889,993 for the total reimbursement of US $ 4,189,993. All obligations under the Galenes 3.3 million US dollars Note were satisfied. The Company earned a rate of return of 27.0% on the investment, or an annualized rate of return of 20.5%.
The Company has deployed a disciplined and successful investment strategy. Since 2019, the Company has achieved, in total, approximately $ 16.1 million total investments, with terms of between 4 and 16 months, reaching a weighted average annualized rate of return of 22.6%. The current stock of investments includes a US $ 2.0 million loan to Cannavative Group LLC, bearing interest at 17.5% at maturity March 19, 2022 and one US $ 1.3 million convertible to Galenas LLC, bearing interest at 9.6% at maturity August 1, 2021. The Company’s cash flow after the reimbursement of the galenas 3.3 million US dollars Note is about $ 5.9 million.
At September 24, 2018, the Company announced the completion of a recapitalization financing, the appointment of a new management team and a new board of directors and the start of CSE negotiations. The transactions changed the Company from an oil and gas issuer to a private equity firm, renamed “Vencanna Ventures”. The recapitalized company aims to be a capital provider of choice for early stage global cannabis initiatives, with an emphasis on strong management operating in state-compliant jurisdictions with barriers to entry. The Company seeks to offer investors a diversified and high-growth investment strategy in cannabis through targeted strategic investments and acquisitions throughout the value chain (cultivation, processing and distribution, including ancillary activities).
This press release may include forward-looking statements, including opinions, assumptions, estimates, the Company’s assessment of future plans and investment strategy and, more particularly, the Company’s business plan, including future global investments in cannabis. When used in this press release, the words “will”, “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “Should” and similar expressions form part of the statements that identify forward-looking statements. Forward-looking statements are based on the expectations and assumptions made by the Company, including the impact of increasing competition; the timing and amount of capital expenditure; the legislative and regulatory environments of the jurisdictions in which the Company and its investments will operate, operate or plan to operate; the Company’s ability to enter into contracts with businesses to provide financing on acceptable terms; general economic and financial market conditions; the ability of the Company’s investments to execute their business plan; and the Company’s ability to obtain additional financing on satisfactory terms or not at all. Forward-looking statements are subject to a wide range of risks and uncertainties, and while the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be achieved.
A number of important factors could cause actual results to differ materially from forward-looking statements, including, but not limited to, changes in global cannabis laws, the impact of the United States legal regime in development on the cannabis industry, the ability of the Company to implement its business strategy, the state of the domestic and international financial markets, the ability to obtain financing, changes in general market conditions and ” other factors described in more detail from time to time in reports and documents filed by the Company with securities regulatory authorities. Except as required by applicable law, the Company assumes no obligation to publicly update or revise forward-looking statements.
To the knowledge of Vencanna’s management, Vencanna’s investments are not in material non-compliance with applicable license requirements and the regulatory framework issued by the states in which these investments operate.
Neither the Canadian Securities Exchange nor its market regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Top Strike Resources Corp.
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