Reverse Takeover and Concurrent Financing
We acted as counsel to Thunderbird Biomedical Inc. (“Thunderbird”), a private Victoria-based company involved in the production of medical marijuana, in connection with its acquisition of Firebird Energy Inc. (“Firebird”) by way of reverse takeover under the rules of the TSX Venture Exchange (the “Transaction”). Concurrently with the Transaction, Firebird completed a brokered private placement of units consisting of one common share and one-half of one common share purchase warrant for total proceeds of $3 million, and also completed a share consolidation and changed its name to T-Bird Pharma Inc. (“T-Bird Pharma”). As a result of the Transaction, Thunderbird became a wholly owned subsidiary of T-Bird Pharma. We continue to act as counsel for T-Bird Pharma, which will carry on the principal business of Thunderbird consisting of the production of marijuana from its Victoria, British Columbia production facility, as regulated by the Marijuana for Medical Purposes Regulation (Canada). Thunderbird obtained a medical marijuana license to undertake the production of medical marijuana in February 2014, being the fifth company in Canada to obtain such a license.