Inner Spirit Holdings Increases Size of Previously Announced Initial Public Offering

Published: July 23, 2018

Inner Spirit Holdings Increases Size of Previously Announced Initial Public Offering

Inner Spirit Holdings Ltd., a specialty retailer and franchisor establishing recreational cannabis dispensaries in British Columbia, Alberta and Saskatchewan under the Spiritleaf brand, today announced that it has increased the size of, and filed the final prospectus for, its previously announced initial public offering (“IPO”).

The Company has agreed to increase the size of its previously announced IPO to a minimum of 20,000,000 (the “Minimum Offering”) and a maximum of 25,000,000 (the “Maximum Offering”) units of Inner Spirit (the “Units”) at a price of $0.15 per Unit (the “Offering Price”) for minimum gross proceeds of $3,000,000 and maximum gross proceeds of $3,750,000. Each Unit consists of one common share in the capital of the Company (each, a “Unit Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Unit Warrant”). Each Unit Warrant will entitle the holder thereof to acquire, subject to adjustment in certain circumstances, one common share in the capital of the Company (each, a “Warrant Share”) at an exercise price of $0.30 for a period of 24 months following the closing date, subject to certain adjustments. Inner Spirit expects closing of its IPO to occur on or about July 31, 2018.

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