- Christina Lake Cannabis (CLC) has closed a non-brokered private placement of unsecured convertible debentures in the principal amount of $810,000
- The debentures will mature 36 months from the date of issuance and bear interest at the rate of 15.0 per cent per annum
- The corporation issued a total of 405,000 bonus warrants to the subscribers of the offering
- Proceeds will be used to finance and repatriate the purchase of processing equipment and working capital
- Christina Lake Cannabis is a licensed producer of cannabis under the Cannabis Act
- Christina Lake Cannabis Corp. (CLC) opened trading at C$0.13
Christina Lake Cannabis (CLC) has closed a non-brokered private placement of unsecured convertible debentures in the principal amount of $810,000.
The debentures will mature 36 months from the date of issuance and bear interest at the rate of 15.0 per cent per annum, to be paid on a semi-annual basis. Subscribers may at any time prior to the maturity date convert the principal amounts of the debentures and any unpaid interest into common shares of Christina Lake Cannabis at a price of $0.15 per share.
The corporation issued a total of 405,000 bonus warrants to the subscribers of the offering. Each subscriber received one half of one bonus warrant for each $1 subscribed under the offering. Each bonus warrant is exercisable to acquire one additional common share at an exercise price of $0.20 per share.
The bonus warrants are subject to an acceleration clause.
All securities issued are subject to a statutory four-month hold period.
Proceeds will be used to finance and repatriate the purchase of processing equipment and working capital.
Christina Lake Cannabis is a licensed producer of cannabis under the Cannabis Act. Christina Lake Cannabis’ facility consists of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. Christina Lake Cannabis also owns a 99-acre plot of land adjoining its principal site.
Christina Lake Cannabis Corp. (CLC) opened trading at C$0.13.