Christina Lake Secures $109K In The Second Tranche Of Non-Brokered Private Placement

Christina Lake Secures $109K In The Second Tranche Of Non-Brokered Private Placement

Christina Lake Cannabis Corp. CLCFF CLC CLB has closed the second tranche of a non-brokered private placement of unsecured convertible debentures in the principal amount of CA$150,000 ($109,000). The company has raised a collective total of $960,000 between the first and second tranche of the private placement.

The debenture will mature thirty-six months from the date of issuance and bear interest at the rate of 15.0% per annum, with such interest to be accrued on a monthly basis and paid on a semi-annual basis. Pursuant to the terms of the debenture, the subscriber may at any time prior to the maturity date convert the principal amounts of the debenture and any accrued but unpaid interest into common shares of the company, at a price of $0.15 per common share.

The debenture will be unsecured debt obligations of the company, and therefore subject to existing security interests and permitted encumbrances. The debenture shall rank pari passu with all other debentures, regardless of the date of issuance.

In connection with the issuance of the debenture, the corporation issued an aggregate of 75,000 bonus warrants to the subscriber of the offering.

Proceeds from the offering will be used to finance and repatriate the purchase of processing equipment and working capital to continue the company’s ongoing obligations.

Retains LodeRock Advisors for Strategic Investor Relations

The company has retained the services of LodeRock Advisors Inc. to provide strategic investor relations and capital markets communication services to the company.

Photo by Mackenzie Marco on Unsplash

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