Top Strike Announces Third Quarter Financial Results and Provides Corporate Update

Top Strike Announces Third Quarter Financial Results and Provides Corporate Update

Canada NewsWire

CALGARY, March 29, 2019 /CNW/ - 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 January 31, 2019.

Selected financial information is outlined below and should be read in conjunction with the Corporation's unaudited condensed interim financial statements and management's discussion and analysis for the three and nine months ended January 31, 2019, which are available on SEDAR at

Financial Highlights

The following table summarizes key financial highlights associated with the Corporation's financial performance for the quarter ended January 31, 2019.

January 31, 2019

January 31, 2018







Net loss



Total assets



Total liabilities



Total shareholders' equity




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 matures on May 15, 2019, at which time Blacklist will repay the Loan in its entirety along with an additional payment of $260,000, for aggregate gross proceeds of $3,510,000.

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).

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 repayment of the Loan and 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 which include, but are not limited to, repayment of the Loan by Blacklist. 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 and Blacklist 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.

SOURCE Top Strike Resources Corp.

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