Rick Gillis Makes Personal Investment of $276,000 in Tinley by Way of Private Placement.
TORONTO and LOS ANGELES, Feb. 22, 2019 (GLOBE NEWSWIRE) — The Tinley Beverage Company Inc. (the “Company” or “Tinley”) is pleased to announce that its new President of Tinley California, Richard Gillis, has made a personal investment of $276,000 in the Company.
As a component of Mr. Gillis’ employment agreement, Mr. Gillis was given the opportunity to purchase common shares of the Company at a price which represents a 20% discount to the market price of the Company’s common shares. This price was determined on January 7, 2019, which is the date the Company filed for price protection with the Canadian Securities Exchange.
Accordingly, Tinley issued 600,000 common shares to Mr. Gillis at an issue price of $0.46 per share for aggregate gross proceeds of $276,000.
The Company intends to use the proceeds for additional working capital as it rolls out the next-generation versions of its alcohol-free Margarita and Moscow Mule-inspired beverages, as well as the balance of its line-up of liquor-inspired “TinleyTM Tonics” and “TinleyTM ‘27” cannabis-infused beverages.
“We’re delighted that Rick has elected to proceed with this personal investment so soon after joining Tinley. He has been deeply involved in our operations and are pleased with his enthusiasm over our position in this fast-growing consumer category,” said Ted Zittell, director of Tinley.
About The Tinley Beverage Company
The Tinley Beverage Company (Santa Monica, California) created the Tinley™ Tonics, Tinley™ ‘27 and Hemplify® line of cannabis and hemp CBD beverages. The Hemplify® CBD beverages are available in mainstream stores in California, while the Tinley™ Tonics and Tinley™ ’27 line of liquor-inspired, alcohol-free, cannabis-infused beverages are available in dispensaries throughout the State. The Company is also building a 20,000 square foot cannabis beverage manufacturing and distribution facility in Long Beach, California.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
Products, formulations and timelines outlined herein are subject to change at any time. All figures CAD unless otherwise indicated.
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