Top Strike Reports First Quarter 2022 Financial Results Ending July 31, 2021 and Company Update

CALGARY, AB, September 28, 2021 / PRNewswire / – Top Strike Resources Corp. dba “Vencanna Ventures” (the “company” Where “Vencanna“) (CSE: VENI) (OTCQB: TPPRF) is pleased to provide a summary of its financial results to July 31, 2021. The selected financial information is described below and should be read in conjunction with the Company’s financial statements and the MD&A for the three July 31, 2021, which are available on SEDAR at www.sedar.com.

Financial Highlights

The following financial data is selected information for the Company for the last eight financial quarters:

Quarter ended

(in thousands)

Jul 30
2021
($)

Apr 30
2021
($)

January 31
2021
($)

October 31
2021
($)

Jul 31
2020
($)

Apr 30
2020
($)

January 31
2020
($)

October 31
2020
($)










Returned

510

1

(412)

138

(78)

950

308

282

Gain (Loss) for the period

281

(301)

(663)

(135)

(253)

713

59

(61)

Gain (Loss) per share

0.00

(0.00)

(0.00)

(0.00)

(0.00)

0.00

0.00

(0.00)










Total assets

10,130

10,009

10,464

10 790

10 873

9,294

8,671

8,439

Total responsibilities

1,718

2,088

2,240

1,901

1,871

76

66

37










As of the date hereof, a large portion of the Company’s business was derived from a significant ancillary involvement in cannabis-related activities in the United States. Like a July 31, 2021, 27% of the Company’s assets and 100% of revenues were directly related to cannabis-related activities in the United States.

The Company recorded a net profit of $ 280,657, $ 0.00 per common share for the three months ended July 31, 2021 compared to a net loss of $ 253,263, $ 0.00 per share for the three months ended July 31, 2020.

Turnover for the three months ended July 31, 2021, were $ 509,528 (2020 – (77,816) $). Interest income has been $ 237,351 (2020 – $ 116,400). The following changes in fair market value occurred during the quarter; unrealized capital gain on convertible debt and derivative instruments $ 184,334 (2020 – $ 10,400), exchange rate gain realized $ 49,805 (2020 – NIL $) unrealized foreign exchange gain (loss) $ 38,038 (2020 – (204,616) $).

Company update and recent developments

During the month of July, the Company paid for its two GOH tickets. GOH Note 1 with a principal balance of 3.3 million US dollars has been set to July 7, 2021, for the net proceeds of US $ 4,189,993. GOH Note 2 with a principal balance of 1,300,000 USD was then set on July 30, 2021. The cash proceeds combined with the settlement of the GOH series of notes totaled $ 6,838,699. Upon settlement of GOH Note 1 and GOH Note 2, the Company had a cash balance of $ 7.37 million.

At March 12, 2021 Vencanna announced that it has entered into a one-year loan agreement with Cannavative Group LLC (“Cannavative“) for US $ 2.0 million (the “To lendIn addition, the Company has announced that it has entered into an exclusive and non-binding letter of intent with Cannavative (the “Letter of Intent“), pursuant to which Vencanna will acquire all of the common shares in the capital of Cannavative in a share exchange by issuing a total of 360,000,000 common shares of Vencanna (“Vencanna Actions“) at a deemed issue price of 0.05 USD per Vencanna share (~ $ 0.065 by Action Vencanna, the “Transaction“).

The Transaction is subject, among other things, to the execution of a definitive agreement between Vencanna and Cannavative (the “Final agreement“) and customary closing conditions. As the transaction will be considered a” fundamental change “in accordance with the policies of the Canadian Securities Exchange (the”CSE“), the Transaction is also subject to CSE acceptance, in addition to Vencanna and Cannavative shareholder approvals. The Transaction is expected to close in the fourth quarter of 2021. For more information on the Transaction and the Loan , see the Company’s press release dated March 12, 2021.

About Cannavative

Cannavative is a leading premium cannabis brand in the state of Nevada, producing a wide variety of flowers and extracts, including its award-winning infused pre-roll, the Motivator. Cannavative has a deep penetration into the Nevada market because its products are sold in more than 80% of dispensaries and retail outlets in the state. Cannavative is a multiple cup winner; Gold and silver medalist at the 2020 Las Vegas Cannabis Awards, in 2019 they won the Jack Herer Cup for their vape pen and in 2018 Leafly named them the best brand of floral products. Situated at Reno, Nevada, they have 14,500 square feet of canopy, with the potential to expand considerably to meet their growing demand. In addition, the facility houses a state-of-the-art 10,000 square foot extraction laboratory and kitchen.

About Vencanna

At September 24, 2018, the Company announced the completion of a recapitalization financing, the appointment of a new management team and a new board of directors and the start of CSE negotiations. The transactions changed the Company from an oil and gas issuer to a private equity firm, renamed “Vencanna Ventures”. The recapitalized company aims to be a capital provider of choice for early stage global cannabis initiatives, with an emphasis on strong management operating in state-compliant jurisdictions with barriers to entry. The Company seeks to offer investors a diversified and high-growth investment strategy in cannabis through targeted strategic investments throughout the value chain (cultivation, processing and distribution, including ancillary activities).

Forward-looking statements

This press release may include “forward-looking statements” that reflect the Company’s current expectations regarding the Company’s future operating results, performance and achievements, including, but not limited to: the signing of a definitive agreement regarding the transaction, including the terms thereof; the time of the completion of the Transaction; the approvals required for the completion of the Transaction and the expected reception thereof; the business plan of the Company and Cannavative, including the business plan of the future entity after the completion of the transaction; the expected benefits of the Transaction; the medical cannabis market in United States; the state of the cannabis market and regulatory changes in the United States in this regard; the effects of COVID-19 on Cannavative’s operations and the Nevada the cannabis industry in general; and expectations regarding the business plans of these companies. When used in this press release, the words “will”, “anticipate”, “believe”, “estimate”, “expect”, “intention”, “may”, “plan”, “Should” and similar expressions are intended to be part of statements that identify forward-looking statements. Forward-looking statements are based on the expectations and assumptions made by the Company, including expectations and assumptions regarding: in accordance with the terms of the Final Agreement; future operations and transactions contemplated by the Company and Cannavative; the impact of growing competition; the timing and amount of capital expenditure; the legislative and regulatory environments of the jurisdictions in which the Company will operate, operate or plan to operate; the Company’s ability to enter into contracts with businesses to provide financing on acceptable terms; general economic and financial market conditions; the ability of the Company’s investments to execute their business plan; and the Company’s ability to obtain additional financing on satisfactory terms or not at all. Forward-looking statements are subject to a wide range of risks and uncertainties, and while the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be achieved.

A number of important factors could cause actual results to differ materially from forward-looking statements, including, but not limited to, changes in global cannabis laws, the impact of the United States legal regime in development on the cannabis industry, the ability of the Company to implement its business strategy, the state of national and international financial markets, the ability to obtain financing, changes in general market conditions and ” other factors described in more detail from time to time in reports and documents filed by the Company with securities regulatory authorities. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise forward-looking statements.

Neither the Canadian Securities Exchange nor its market regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Top Strike Resources Corp.

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http://topstrikeresources.com/


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