Asterion Enters Consulting Agreement with White Sheep Services Corp. and Appoints Hamish Sutherland as COO
Announces Increase in Private Placement
Vancouver, British Columbia: Asterion Cannabis Inc. (“Asterion” or the “Company”), is pleased to announce that it has entered into a consulting agreement with White Sheep Services Corp., a wholly-owned subsidiary of White Sheep Corp. (“White Sheep”), whereby White Sheep’s President and Chief Executive Officer, Hamish Sutherland, has been appointed as the Company’s Chief Operating Officer.
Mr. Sutherland has a successful track record within the cannabis sector. His past achievements and contributions include holding the position of founding Chief Operating Officer of Bedrocan Cannabis Corp. (subsequently acquired by Canopy Growth Corporation (TSX:WEED, NYSE:CGC)), delivering over $750 million in investor value and overseeing the building and commissioning of a 52,000 square foot state of the art automated facility in suburban Toronto.
Mr. Sutherland’s duties as Chief Operating Officer of the Company will include being involved in the development and operations of the Company’s planned 4.3 million square foot greenhouse cannabis production facility in Queensland, Australia (the “Queensland Facility”), which will be automated and powered by renewable energy and is expected to have annual cannabis production capacity in excess of 500,000 kg.
“This is a great opportunity to advance an historic project with the ability to change the quality of lives throughout the island continent in full partnership and consultation with the Australian Department of Health,” stated Hamish Sutherland.
“We are delighted to have Mr. Sutherland join Asterion,” said Stephen Van Deventer, Chairman and Chief Executive Officer of the Company, “Mr. Sutherland’s exceptional experience, including seven years working with Austrade (the Australian Trade and Investment Commission) and five years in legal Canadian cannabis operations, combined with the vision of the Asterion founders, has the potential to create real financial value for Asterion and its shareholders.”
Increase in Private Placement
The Company also announces that due to the amount of interest expressed by investors, the previously announced non-brokered private placement of up to 10 million units (each, a “Unit”) at the price of CAD $0.50 per Unit for aggregate gross proceeds of up to CAD $5 million will now be increased to 20 million units, for aggregate gross proceeds of up to CAD $10 million (the “Financing”). The terms of the Units will remain the same as previously announced (see news release dated July 10, 2018).
About White Sheep
White Sheep is a commercial operator and strategic investor in global cannabis assets with direct operational expertise in building successful, large-scale, automated cannabis grow facilities and meeting regulatory and compliance standards. Over the past 20 years, the White Sheep team has created billions of dollars in investor value across multiple industries, including over $750 million in the cannabis industry alone.
Asterion is a Canadian cannabis company with operations in Australia, specializing in organic medical cannabis with a goal of becoming an industry leader in next generation cannabis products. The Company is focused on the future of precision agriculture and aims to produce the highest quality genetically uniform cannabis strains, at an affordable price.
The Company is led by a team of highly experienced executives with over 120 years of combined experience in medical cannabis, renewable energy, capital markets, and other highly relevant sectors across North America, Oceania, Europe, Africa and Asia.
On Behalf of the Board of Directors
“Stephen Van Deventer”
Chief Executive Officer
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This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the services to be provided by White Sheep and Hamish Sutherland, the construction and operations of the Queensland Facility, the completion of the Financing, the Company’s anticipated business plans and its prospect of success in executing its proposed plans. Often, but not always, forward-looking statements can be identified by words such as “plans”, “expects”, “may”, “intends”, “anticipates”, “believes”, “proposes” or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, but not limited to, the ability of the Company’s Australian subsidiary to complete its acquisition of the land required for construction of the Queensland Facility, the receipt of the required approvals for the construction and operation of the Queensland Facility by the Australian Government and the inability of the Company to execute its proposed business plans and obtain the financing required to carry out its planned future activities, and the success of White Sheep and Hamish Sutherland in carrying out their engagement with the Company. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the biotechnology or medical cannabis industry and delays in obtaining governmental and regulatory approvals, may also adversely affect the future results or performance of the Company. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although the Company believes that the statements, beliefs, plans, expectations, and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by the Company from time-to-time.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.