Adastra Labs Holdings Ltd (CSE:XRTX) (FRA:D2EP) said it is proceeding to complete its name change to Phyto Extractions Inc following its decision to acquire a 51% controlling interest in the cannabis product producer of the same name.
The company said as part of the process it has changed its name with the corporate registry, and the change will not be finalized with respect of listing and trading until effective April 7, 2021 pending compliance with Canadian Securities Exchange (CSE) filing and effectiveness timelines and to match the effective date of the name change and consolidation for listing and trading purposes. It added that there will be no change to its trading symbols.
READ: Adastra Labs Holdings moves closer to Phyto Extractions Brands cannabis acquisition
The group also said a consolidation of its common shares will consolidate each 3 current common shares of the company to 1 post-consolidation common share under the new company name, while fractional shares as the result of the consolidation will be rounded up. The record date for the consolidation is April 8, 2021, with an effective date of April 7.
The company added that its previously announced private placement equity unit offering consisting of one common share and one whole warrant priced at $1.10 per unit has been set to begin after the mentioned name change and consolidation have been effected.
The financing is aiming to raise working capital for expanded growth of business operations, the group said.
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