Delic’s (OTC: DELCF) Acquisition Target, Complex Biotech Discovery Ventures Ltd., Announces Closing of Non-Brokered Private Placement

VANCOUVER, BCMay 17, 2021 – Delic Holdings Inc. (“DELIC” or the “Company“) (CSE: DELC) (OTCQB: DELCF), a psychedelic wellness-focused company, is pleased to announce that its acquisition target, Complex Biotech Discovery Ventures Ltd. (“CBDV“), has closed its previously-announced non-brokered private placement (the “Offering“) of 11,441,189 subscription receipts of CBDV (the “Subscription Receipts“) at a price of CAD$0.30 per Subscription Receipt for gross proceeds of $3,432,356. The gross proceeds of the Offering will be held by an escrow agent until satisfaction of the Escrow Release Conditions (as defined below).

Each Subscription Receipt entitles the holder thereof to receive, in certain circumstances, one (1) common share of CBDV (“Common Share“) and one (1) Common Share purchase warrant (“Warrant“), with each Warrant entitling the holder thereof to purchase one (1) Common Share (“Warrant Share“) at a price of $0.40 for a period of twenty-four (24) months after the closing of the acquisition by DELIC of CBDV (the “Transaction“).

Following the completion, satisfaction or waiver of all conditions precedent to the Transaction prior to 5:00 pm (Vancouver time) on June 30, 2021 (the “Escrow Release Conditions“), and immediately prior to closing of the Transaction: (i) each Subscription Receipt will be converted into one Common Share and one Warrant, which, concurrent with the closing of the Transaction, will be immediately exchanged for one subordinate voting share of DELIC and one subordinate voting share purchase warrant of DELIC having the same terms as the Warrants, respectively; and (ii) the gross proceeds of the Offering will be released to CBDV.

If the Transaction is not completed by 5:00 pm (Vancouver time) on June 30, 2021, holders of the Subscription Receipts will receive from the escrow agent an amount equal to their full subscription price.

Matt Stang, Co-Founder and CEO, stated “The closing of this private placement continues to show our shareholders that we are committed to expanding the DELIC platform as we move closer towards finalizing our acquisition of CBDV and more. We are committed to ensuring the best interests of our shareholders and helping bring greater access to psychedelic wellness to everyone.”

The net proceeds from the Offering shall be used to increase DELIC’s cash position, to execute on DELIC’s business plan, for working capital and for general corporate expenses.

About CBDV

Complex Biotech Discovery Ventures Ltd. (“CBDV”), based at the University of British Columbia in Vancouver, BC, is a licensed cannabis and psilocybin research laboratory focused on extraction optimization, analytical testing, and process development. Founded by award-winning chemists, Dr. Markus Roggen and UBC Professor Glenn Sammis, CBDV uses precision chemical analytics and metabolomics identification to advance the cannabis and psilocybin industries.

For media and service inquiries, please contact info@cbdvl.com. Learn more at www.cbdvl.com and follow us on Linkedln: Complex Biotech Discovery Ventures and Instagram: @complexbiotech.

About DELIC

DELIC Always Expanding. In All Ways.
DELIC is the leading psychedelic wellness platform, committed to bringing science-backed benefits to all and reframing the psychedelic conversation. The company owns and operates an umbrella of related businesses, including trusted media and e-commerce platforms like Reality Sandwich and Delic RadioComplex Biotech Discovery Ventures (under binding acquisition agreement) the first licensed entity by Health Canada to conduct research and development of psilocybin vaporization technology, MeetDelic the premiere psychedelic wellness event, and Ketamine Infusion Centers (under binding acquisition agreement), one of the largest ketamine clinics in the country. DELIC is backed by a team of industry and cannabis veterans and a network whose mission is to provide education, research, high-quality products, and treatment options to the wellness and psychedelics industries.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.