Ionic Brands Corp. Chairman & CEO Increases Position and Converts CAD $448,000 of Secured Convertible Debentures to Equity
TACOMA, WASHINGTON, USA, January 25th, 2021, IONIC BRANDS CORP. (CSE: IONC) (OTC: IONKF) (FRA: 1B3) (“IONIC BRANDS” or the “Company”), a regional manufacturer of innovative cannabis edibles and concentrate extract products, is pleased to announce today that the Company's CEO, John P. Gorst, has converted his pro-rata portion of the outstanding secured debentures to common shares of the Company. The dollar amount converted is CAD$448,552.66 at a price of CAD$0.05 totaling approximately 8,971,040 shares of Ionic Brands Corp., which includes principal and interest and is subject to final approval of documents, bringing a total share position of approximately 26,071,040 common shares or approximately 9.5% of the Company’s basic outstanding shares.
Ionic Brands, Chairman and CEO, John P. Gorst, stated, "by converting another round of debts into equity of the Company, I am taking the lead in demonstrating my confidence in the new direction of the Ionic Brands as we complete our final phase of restructuring. It also further assists the Company in moving from a small/medium-size business to a mid-size enterprise. We are also improving our balance sheet, creating more flexibility in our cash flow, and improving the attractiveness of the Company for shareholders. My leadership in taking this action, I believe, will lead other holders of the secured debentures to follow suit."
About IONIC BRANDS CORP.
The Company is dedicated to building a regionally based multi-state consumer-focused cannabis concentrate brand portfolio with strong roots in the premium and luxury segments of vape concentrates and edibles. The cornerstone Brand of the portfolio, IONIC, is a top vape product along with our economy brand Dabulous vaporizer brand in Washington State and has aggressively expanded throughout the Pacific Northwest of the United States. The brand is currently operating in Washington and Oregon. IONIC BRANDS' strategy is to be the leader of the highest-value segments of the cannabis market.
Chief Executive Officer & Chairman
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The CSE does not accept responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
Released January 25, 2021