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Planet 13 Holdings Inc. Completes Subscription Receipt Financing and Business Combination, and Commences Trading on the Canadian Securities Exchange

Published: 06/21/2018

Team: Jay Goldman, David Gardos, Christopher B. Norton, Tera Li

On June 11, 2018, Planet 13 Holdings Inc. (previously named Carpincho Capital Corp.) completed its business combination (the “Business Combination”) with MM Development Company, Inc., a leading vertically-integrated cannabis company based in Nevada, and related acquisition of 10653918 Canada Inc. (“Finco”). The Business Combination was structured as a series of transactions, including a Canadian three-cornered amalgamation and share exchange.

Prior to the completion of the Business Combination, Finco completed private placements of subscription receipts (the “Subscription Receipts”) at a price of C$0.80 per Subscription Receipt for gross proceeds of C$25 million, the brokered portion of which (consisting of the sale of C$22.5 million of Subscription Receipts) was conducted by a syndicate of agents co-led by Beacon Securities Limited and Canaccord Genuity Corp., and including Haywood Securities Inc. Each Subscription Receipt was convertible into one unit of Finco, with each unit consisting of one common share and one-half of one common share purchase warrant. In connection with the completion of the Business Combination, the Subscription Receipts were converted on a one-for-one basis and holders of the Subscription Receipts became holders of common shares and common share purchase warrants of Planet 13.

The common shares of Planet 13 commenced trading on the Canadian Securities Exchange on June 21, 2018 under the ticker symbol “PLTH”.

Cassels Brock represented Planet 13 on this transaction with a team that included Jay Goldman, David Gardos and Matt Gold (Securities and Cannabis) and Christopher Norton and Tera Li (Tax).