OTC-PINK:BZAMF

BZAM enters into Second Amended and Restated Credit Agreement

Retrieved on: 
Tuesday, January 9, 2024
Credit, International, Sale, Acquisition, FBC

VANCOUVER, BC, Jan. 9, 2024 /PRNewswire/ - BZAM Ltd. ("BZAM") (CSE: BZAM) (US-OTC: BZAMF) is pleased to announce that, following the completion of the acquisition of all of the issued and outstanding shares of Final Bell Canada Inc. ("FBC") from Final Bell Holdings International Ltd. ("FBHI") (the "Transaction"), BZAM, through its wholly owned subsidiary The Green Organic Dutchman Ltd, has today entered into a Second Amended and Restated Credit Agreement (the "SARCA") with its Canadian lender to incorporate the assets of FBC into the security collateral and, amongst other things: (i) amend the EBITDA financial covenant to take effect on a rolling three month average basis; (ii) repay $1 million on the fixed portion of the facility from the proceeds of sale of the Edmonton property, such repayment amount then becoming available under the revolving portion of the facility and (iii) allow for the unsecured promissory note issued to Final Bell Holdings Inc., the prior affiliate of FBC.

Key Points: 
  • VANCOUVER, BC, Jan. 9, 2024 /PRNewswire/ - BZAM Ltd. ("BZAM") (CSE: BZAM) (US-OTC: BZAMF) is pleased to announce that, following the completion of the acquisition of all of the issued and outstanding shares of Final Bell Canada Inc. ("FBC") from Final Bell Holdings International Ltd. ("FBHI") (the "Transaction"), BZAM, through its wholly owned subsidiary The Green Organic Dutchman Ltd, has today entered into a Second Amended and Restated Credit Agreement (the "SARCA") with its Canadian lender to incorporate the assets of FBC into the security collateral and, amongst other things: (i) amend the EBITDA financial covenant to take effect on a rolling three month average basis; (ii) repay $1 million on the fixed portion of the facility from the proceeds of sale of the Edmonton property, such repayment amount then becoming available under the revolving portion of the facility and (iii) allow for the unsecured promissory note issued to Final Bell Holdings Inc., the prior affiliate of FBC.
  • All other terms of its amended and restated credit agreement dated September 29, 2021 (as amended) not specifically amended will remain materially the same as before.

BZAM completes acquisition of Final Bell's Canadian Operation; Adding Final Bell Holdings International as Strategic Shareholder

Retrieved on: 
Monday, January 8, 2024
Cannabis, FBC, Acquisition, International, Transaction, Chairperson, MBA, News, University of Hamburg, Security (finance)

VANCOUVER, BC, Jan. 8, 2024 /PRNewswire/ - BZAM Ltd. ("BZAM") (CSE: BZAM) (US-OTC: BZAMF) is pleased to announce that, further to the news release dated December 6, 2023, it has completed the acquisition of all of the issued and outstanding shares of Final Bell Canada Inc. ("FBC") from Final Bell Holdings International Ltd. ("FBHI") (the "Transaction").

Key Points: 
  • VANCOUVER, BC, Jan. 8, 2024 /PRNewswire/ - BZAM Ltd. ("BZAM") (CSE: BZAM) (US-OTC: BZAMF) is pleased to announce that, further to the news release dated December 6, 2023, it has completed the acquisition of all of the issued and outstanding shares of Final Bell Canada Inc. ("FBC") from Final Bell Holdings International Ltd. ("FBHI") (the "Transaction").
  • The Transaction combines BZAM's cultivation, production, and sales infrastructure with the portfolio of international brands that Final Bell is bringing to market in Canada.
  • "It has been our vision to be Canada's favourite source for cannabis.
  • His experience has been leveraged by companies worldwide to raise approximately a quarter of a billion dollars in financing.

BZAM to Acquire Final Bell's Canadian Operation, forming 5th Largest Canadian L.P.; Adding Final Bell Holdings International as Strategic Shareholder

Retrieved on: 
Wednesday, December 6, 2023
Acquisition, CSE, Transaction, FBC Bank, International, Cannabis, Agreement, VAN, FBC, Growth, Name, Good, Policy, Security (finance), Drug, Closing

"This Transaction combines BZAM's cultivation, production, and sales infrastructure with the exceptional portfolio of international brands that Final Bell has brought to market in Canada.

Key Points: 
  • "This Transaction combines BZAM's cultivation, production, and sales infrastructure with the exceptional portfolio of international brands that Final Bell has brought to market in Canada.
  • We are pleased to bring this team and these brands to BZAM," said Matt Milich, Chief Executive Officer of BZAM.
  • "This combination also brings in FBHI as an invaluable strategic shareholder to the Company, which creates additional opportunities for long term growth and value creation.
  • "(2)
    "This combination places the combined entity as the 5th largest Canadian L.P. on a proforma basis"(1)(2) said Robert Meyer, CEO of FBHI.

BZAM Ltd. Reports Third Quarter 2023 Results

Retrieved on: 
Tuesday, November 28, 2023
EBITDA, Absorption, Facility, Stock, SG&A, G&A, Adjustment, Stone pine, State Administrative Expenses, Certification, Video game, Q2, Q3

Direct Gross Profit: Direct Gross Profit for the quarter was 8% before changes in fair value of biological assets, compared to 6% in Q3 2022 and 16% in Q2 2023.

Key Points: 
  • Direct Gross Profit: Direct Gross Profit for the quarter was 8% before changes in fair value of biological assets, compared to 6% in Q3 2022 and 16% in Q2 2023.
  • Adjusted General and Administrative Expenses ("G&A"): Adjusted G&A increased year-over-year by $2.5 million or 59% primarily due to the BZAM Transaction, and increased by $0.51 million from Q2, 2023, or 8%.
  • In Q3 2023, the Company received orders under its international distribution agreements in Germany, Australia, and the United Kingdom following on receipt of its EU-GMP certification in Q2 2023.
  • On October 27, 2023, the Company entered into a Waiver Agreement with its lender, waiving the covenant requiring positive EBITDA until January 31, 2024.

BZAM Ltd. & 4C LABS conclude strategic distribution agreement for the UK market

Retrieved on: 
Tuesday, October 31, 2023
TGOD, United Kingdom, International, Certification, Genetics, LABS, The Green Organic Dutchman, CSE, Plant, Pharmacy, Drug, EU

The Company is shipping its first 150kg of TGOD's top strains to 4C LABS for onward distribution to 4C LABS pharmacy clients in the United Kingdom (UK).

Key Points: 
  • The Company is shipping its first 150kg of TGOD's top strains to 4C LABS for onward distribution to 4C LABS pharmacy clients in the United Kingdom (UK).
  • Pursuant to the agreement, signed on April 29, 2023, the Company will supply 4C LABS with approximately 600KG of flower annually for the next two years.
  • 4C LABS believes that there is strong demand for quality, organic Canadian cannabis products in the UK's burgeoning medical cannabis market.
  • The team at 4C LABS expects the market to expand over the next five years, mirroring previously legalized medical markets elsewhere, and expects this new agreement will enable them to establish a dominant position in the UK medical cannabis market.

BZAM Ltd. Secures Loan Facility from Chairman and Largest Shareholder's Investment Holding Company; Terminates Previously Announced Brokered Private Placement of Units

Retrieved on: 
Monday, October 30, 2023
Offering, MI, OTC, Disclosure, Companies (1st Amendment) Act, 2015, Multilateral, Minority, The Company, CSE, Loan, Security (finance), Q4

The Loan will bear interest at a rate of prime plus 8% per annum and mature no earlier than April 1, 2025.

Key Points: 
  • The Loan will bear interest at a rate of prime plus 8% per annum and mature no earlier than April 1, 2025.
  • The Loan is intended to be used for general corporate expenses and working capital purposes, with the initial tranche of $1.19 million being funded today.
  • The Company's Chairman and largest shareholder, who is an insider of the Company, will be issuing the Loan.
  • The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101.

BZAM LTD. ANNOUNCES CHANGE OF AUDITOR

Retrieved on: 
Friday, October 13, 2023
OTC, MNP LLP, MNP, KPMG, Audit committee, CFO, CSE, Change, National instrument, KPMG LLP, Accounting

VANCOUVER, BC and TORONTO, Oct. 13, 2023 /PRNewswire/ - BZAM Ltd. (the "Company" or "BZAM") (CSE: BZAM) (OTC: BZAMF), a leading Canadian cannabis producer, announced today that, further to its previously announced cost optimization initiatives, it has appointed MNP LLP as auditor of the Company effective October 10, 2023.

Key Points: 
  • VANCOUVER, BC and TORONTO, Oct. 13, 2023 /PRNewswire/ - BZAM Ltd. (the "Company" or "BZAM") (CSE: BZAM) (OTC: BZAMF), a leading Canadian cannabis producer, announced today that, further to its previously announced cost optimization initiatives, it has appointed MNP LLP as auditor of the Company effective October 10, 2023.
  • Following the recommendation from its Audit Committee, the Company's board of directors requested and were also provided with KPMG LLP's resignation as the auditor of the Company effective October 10, 2023.
  • "We have appreciated working with KPMG for the last five years," said Sean Bovingdon, CFO.
  • In accordance with National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"), the Company has filed a Notice of Change of Auditor, together with response letters from KPMG LLP and MNP LLP on SEDAR+ under the Company's profile at www.sedarplus.ca .

BZAM COMPLETES SALE OF MAPLE RIDGE FACILITY

Retrieved on: 
Friday, September 29, 2023
Sale, The Company, CSE, News, Transaction, OTC, Commercial property

VANCOUVER, BC and TORONTO, Sept. 29, 2023 /PRNewswire/ - BZAM Ltd. (the "Company" or "BZAM") (CSE: BZAM) (OTC: BZAMF), a leading Canadian cannabis producer, is pleased to announce that further to its September 19, 2023 news release, the Company has now completed the sale of its Maple Ridge, BC facility (the "Transaction").

Key Points: 
  • VANCOUVER, BC and TORONTO, Sept. 29, 2023 /PRNewswire/ - BZAM Ltd. (the "Company" or "BZAM") (CSE: BZAM) (OTC: BZAMF), a leading Canadian cannabis producer, is pleased to announce that further to its September 19, 2023 news release, the Company has now completed the sale of its Maple Ridge, BC facility (the "Transaction").
  • Per the sale agreement between the Company and an arms-length party, total gross proceeds received from the Transaction were $3,800,000.
  • In keeping with Company's plan to reduce debt, fifty percent of the total net proceeds from the Transaction, after commission and costs, amounting to $1,845,842, has been applied to the term portion of Company's credit facility.
  • The remaining proceeds will be held in cash.

BZAM LTD. COMPLETES FINAL PHASE OF POST-MERGER SYNERGY PLAN; PROVIDES POSITIVE OUTLOOK

Retrieved on: 
Tuesday, September 19, 2023
CSE, EU, COGS, Q3, SG, Graduation, AB, Sale, Certification, Mergers and acquisitions, EBITDA, Cost, Pharmaceutical industry, Rare-earth element, Silviculture, Q4, Midway

The changes we have implemented following the Merger position the Company to thrive in both the Canadian and international markets going forward."

Key Points: 
  • The changes we have implemented following the Merger position the Company to thrive in both the Canadian and international markets going forward."
  • Following the Merger, the persistent focus on improving margins and reducing SG&A costs continue to progress the Company's twin objectives of positive EBITDA and free cash flow.
  • Continued Organic Revenue Growth: The Company expects to launch 11 new SKUs in Q4 2023 and over 20 new SKUs in Q1 2024.
  • At the same time, the Company continues to focus on selling higher margin products and improving margins on existing products.

BZAM Announces Stock Option Grants

Retrieved on: 
Monday, August 28, 2023
Indian stock exchange, CSE, Option, Pharmaceutical industry

VANCOUVER, BC and TORONTO, Aug. 28, 2023 /PRNewswire/ - BZAM Ltd. (the "Company" or "BZAM") (CSE: BZAM) (US-OTC: BZAMF), a leading Canadian cannabis producer, announces that the Company has granted options (each, an "Option") to purchase an aggregate of up to 85,000 Common Shares to certain employees of the Company.

Key Points: 
  • VANCOUVER, BC and TORONTO, Aug. 28, 2023 /PRNewswire/ - BZAM Ltd. (the "Company" or "BZAM") (CSE: BZAM) (US-OTC: BZAMF), a leading Canadian cannabis producer, announces that the Company has granted options (each, an "Option") to purchase an aggregate of up to 85,000 Common Shares to certain employees of the Company.
  • Each Option is exercisable into one Common Share at an exercise price per Common Share equal to $0.16.
  • The Options vest as to 1/3 of the total number of Options granted on each of the first, second and third anniversaries of the grant date, and expire five years from the grant date.
  • The Options are granted in accordance with the Company's share option plan adopted by the board of directors of the Company on May 12, 2021 (the "Option Plan").