Springfield, Oregon–(Newsfile Corp. – April 24, 2023) – Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A) (“Silo” or “the Company”) is pleased to announce that it will be prepaying USD$50,000 in stock for Oregon psilocybin mushrooms under its Right of First Refusal agreement with Satya, Inc announced on March 24, 2023. The prepayment is not for a mushroom purchase but will be a credit to be used by the Company’s future OHA-licensed affiliates. This prepayment secures the right to supply psilocybin mushrooms containing up to 5,000 doses of 10mg of psilocybin analyte. The prepayment is estimated to be enough to supply 1,000 doses of approximately five grams of dried mushrooms, depending on lab-tested potency.
In compliance with the agreement terms, Silo Wellness will issue 3,422,375 shares of its common stock to settle the USD$50,000 account payable debt in an arm’s length transaction subject to the statutory four-month hold. The number of shares is determined based on CAD$0.0198 per share, the 20-day volume-weighted average price (VWAP) as of Friday, April 21, 2023. Pursuant to CSE Policy 6.2(5) (adopted April 3, 2023), the Company intends to close on the share issuance no sooner than five days. The price protection expires June 5, 2023. In accordance with the previously announced debt restructuring plan, the Company intends to issue shares to settle additional accounts payable and other debt.
Mike Arnold, Silo CEO, stated: “It is our goal to ensure an orderly early market with the medicine distributed in a fair and equitable manner. We invite current and planned Oregon psilocybin service center licensees and facilitators to contact us to discuss becoming affiliates and ensuring a guaranteed supply of psilocybin mushrooms for their clients.”
About Silo Wellness
Silo Wellness’s mission is to provide psychedelics to those suffering as quickly and inexpensively as possible. Silo is currently Oregon’s only publicly traded company actively providing psychedelics to clients. The Company was founded in 2018 by an Oregon trial lawyer in anticipation of Oregon legalizing psilocybin on January 1, 2023, and currently offers Jamaica psilocybin retreats at an all-inclusive seafront resort. The Company has a right of first refusal on all psilocybin mushrooms with Oregon first-mover cultivator Satya, Inc., and announced in January its intended Portland-area rural psilocybin service center with overnight dorm room accommodations (if land use permits are granted).
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking information may relate to anticipated events or results including, but not limited to the issuance of Convertible Debentures, the payment of any Make-Whole Amount, the future payment of the Debenture Commitment Fee, management’s plans regarding Marley One and the performance of any purchase orders, and the Company’s future business plans. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, regulatory, political and social uncertainties and the potential impact of COVID-19. Such risks and uncertainties include, among others, the risk factors included in Silo Wellness’s continuous disclosure documents available on www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Silo Wellness assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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