VANCOUVER, British Columbia, Oct. 18, 2022 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) is happy to announce that it has closed the second tranche of a non-brokered personal placement of unsecured convertible debentures (the “Debenture”) within the principal quantity of CDN$150,000 (the “Offering”). The Company has raised a collective complete of $960,000 between the primary and second tranche of the personal placement.
The Debenture will mature thirty-six (36) months from the date of issuance and bear curiosity on the charge of 15.0% each year, with such curiosity to be accrued on a month-to-month foundation and paid on a semi-annual foundation. Pursuant to the phrases of the Debenture, the subscriber could at any time previous to the Maturity Date convert the principal quantities of the Debenture and any accrued however unpaid curiosity into frequent shares of the Company (“Common Shares“), at a worth of $0.15 per Common share.
The Debenture (principal and curiosity) will likely be unsecured debt obligations of the Company, and due to this fact topic to present safety pursuits (as relevant) and permitted encumbrances. The Debenture shall rank pari passu with all different Debentures, regardless of the date of issuance.
In reference to the issuance of the Debenture, the Corporation issued an combination of 75,000 bonus warrants (“Bonus Warrants”) to the subscriber of the Offering. The subscriber acquired one half of one Bonus Warrant for every $1 subscribed underneath the Offering. Each Bonus Warrant is exercisable till December 31, 2024 to accumulate one further Common Share per Bonus Warrant at an train worth of $0.20 per share. The Bonus Warrants are topic to an acceleration clause, whereby if the amount weighted common worth of CLC’s Common Shares exceeds $0.40 per Common Share for a interval of 20 days, the Company could speed up the expiry of the Bonus Warrants by offering discover to the holder.
All securities issued pursuant to the Offering are topic to a statutory four-month and someday maintain interval from the date of issuance pursuant to relevant securities legal guidelines of Canada. In reference to the second tranche of the personal placement, the Company paid a finder’s price of $9,000 money to a certified celebration.
Proceeds from the Offering will likely be used to finance and repatriate the acquisition of processing tools and dealing capital to proceed the Company’s ongoing obligations.
Retains LodeRock Advisors for Strategic Investor Relations
The Company additionally declares that it has retained the companies of LodeRock Advisors Inc. (“LodeRock”) to offer strategic investor relations and capital markets communication companies to the Company.
LodeRock is a Toronto-based group of senior capital markets communications executives who develop and execute communications packages to be able to assist corporations obtain their capital markets aims and seize the complete potential of their public itemizing. Under the phrases of the settlement, which can proceed till both celebration has terminated the settlement upon ninety (90) days’ discover, the Company can pay LodeRock a month-to-month price of $12,000 (plus HST) for ongoing investor relations and communication companies. At the time of this settlement neither LodeRock, nor its principals, have any direct or oblique curiosity in any of the Company’s securities.
About Christina Lake Cannabis Corp.
Christina Lake Cannabis is a licensed producer of hashish underneath the Cannabis Act. It has secured a normal cultivation license and corresponding processing modification from Health Canada (March 2020 and August 2020, respectively) in addition to a analysis and improvement license (early 2020). Christina Lake Cannabis’ facility consists of a 32-acre property, which incorporates over 950,000 sq. toes of out of doors develop area, workplaces, propagation and drying rooms, analysis services, and a facility devoted to processing and extraction. Christina Lake Cannabis additionally owns a 99-acre plot of land adjoining its principal website. CLC focuses its manufacturing on creating top quality extracts and distillate for its B2B shopper base with proprietary strains particularly developed for out of doors cultivation to reinforce extraction high quality.
On behalf of Christina Lake Cannabis Corp.:
“Mark Aiken”
Mark Aiken, CEO
For extra details about CLC, please go to: www.christinalakecannabis.com
Jamie Frawley
Investor Relations and Media Inquiries
[email protected]
416-268-9432
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.
This information launch incorporates statements which represent “forward-looking statements”, together with the anticipated use of the proceeds of the Offering, statements relating to the plans, intentions, beliefs and present expectations of the Company with respect to the longer term business actions and working efficiency of the Company. The use of any of the phrases “anticipate,” “continue,” “estimate,” “expect,” “may,” “will,” “would,” “should,” “believe” and related expressions are supposed to determine forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are primarily based are cheap, undue reliance shouldn’t be positioned on the forward-looking statements as a result of the Company may give no assurance that they may show to be appropriate. Since forward-looking statements deal with future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. These statements communicate solely as of the date of this News Release. Actual outcomes might differ materially from these at present anticipated because of a quantity of components and dangers together with numerous danger components mentioned within the Company’s disclosure paperwork which might be discovered underneath the Company’s profile on http://www.sedar.com. Should a number of of these dangers or uncertainties materialize, or ought to assumptions underlying the forward-looking statements show incorrect, precise outcomes could range materially from these described herein as supposed, deliberate, anticipated, believed, estimated or anticipated. The Company doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements besides as in any other case required by relevant regulation
