Top Strike Announces Fourth Quarter and 2019 Annual Financial Results and Provides Corporate Update

Top Strike Announces Fourth Quarter and 2019 Annual Financial Results and Provides Corporate Update

CALGARY, Alberta, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Top Strike Resources Corp. d.b.a. "Vencanna Ventures Inc." (the "Corporation" or "Vencanna") (CSE:VENI) is pleased to provide a summary of its financial results as of April 30, 2019. Selected financial information is outlined below and should be read in conjunction with the Corporation's audited 2019 financial statements and management's discussion and analysis for the three and twelve months ended April 30, 2019, which are available on SEDAR at www.sedar.com.

Financial Highlights

The following table summarizes key financial highlights associated with the Corporation's financial performance for the year ended April 30, 2019.

Year ended April 30201920182017
    
Revenue$        Nil$       Nil$       Nil
General and administrative expenses605,10420,80773,355
Share-based compensation1,532,178--
Loss1,913,30620,26972,280
Loss per share – basic and diluted0.020.000.00
Total assets8,603,82673,551110,238

Corporate Update

On January 30, 2019, the Corporation entered into a loan of $3,250,000 to Blacklist Holdings, Inc. ("Blacklist") for inventory expansion into its markets and general working capital purposes (the "Loan"). The Loan was repaid in full on May 17, 2019 along with an additional payment of $286,000 for aggregate gross proceeds of $3,536,000, together with 2,600,000 warrants to acquire common shares of Ionic at an exercise price of $0.55 per Ionic share for a period of one year from issuance. 

On July 22, 2019, the Company announced a strategic investment with Vertical Companies (“Vertical”), whereby the Company loaned Vertical $4,000,000.  In addition, Vertical’s Chairman, Mr. Smoke Wallin, has joined the board of directors of the Company.  Top Strike continues to pursue its business objectives, including building out a strategic investment portfolio throughout calendar 2019.

About Vencanna

On September 24, 2018, the Corporation announced the completion of a recapitalization financing, the appointment of a new management team and board of directors and commencement of trading on the CSE. The transactions have transitioned the Corporation from an oil and gas issuer to a merchant capital firm, rebranded as "Vencanna Ventures Inc.". The recapitalized Corporation aims to be a go-to capital provider for early-stage global cannabis initiatives with an emphasis on strong management operating in state compliant jurisdictions with barriers to entry. The Corporation looks to provide investors with a diversified, high-growth, cannabis investment strategy through strategic investments focused through-out the value chain (cultivation, processing and distribution, and including ancillary businesses).

For further information regarding this news release, please contact:

David McGorman Chief Executive Officer and Director
david@vencanna.com

Jason Ewasuik Vice President, Originations
jason@vencanna.com

Top Strike Resources Corp.
Suite 310, 250 6th Ave. S.W.
Calgary, AB T2P 3H7

Forward-Looking Statements

This news release may include forward-looking statements including opinions, assumptions, estimates, the Corporation's assessment of future plans and investment strategy, and, more particularly, statements concerning the business plan of the Corporation including future global cannabis investments. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Corporation. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Corporation believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.

Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, changes to global cannabis laws, how the developing U.S. legal regime will impact the cannabis industry, the ability of the Corporation to implement their corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by the Corporation with securities regulatory authorities.

Except as required by applicable laws, the Corporation does not undertake any obligation to publicly update or revise any 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 news release.