Meta Growth Extends Maturity Date of $9m Loan to December 31, 2022
TORONTO, Nov. 19, 2019 /CNW/ - National Access Cannabis Corp (TSXV: META) d/b/a Meta Growth ("Meta Growth", "META" or "the Company"), Canada's largest publicly traded recreational cannabis retailer by revenue1, is pleased to announce that it has reached a new agreement to extend its $9,000,000 loan (the "Loan") from Opaskwayak Cree Nation ("OCN") to December 31, 2022.
The original Loan was set to mature on December 14, 2019. As one of META's largest shareholders, owning approximately 10.8 million shares, OCN has agreed to extend the maturity of the Loan until December 31, 2022, at an interest rate of 10% per annum, and an annual administration fee of $225,000.
"OCN sees the ongoing investment into META as a growth opportunity for both META and OCN. The income that OCN generates from the interest on the Loan helps OCN with investing in our community infrastructure, such as housing," said Christian Sinclair, Onekanew (Leader) of OCN and Board Member of META. "We hope to continue to capitalize on opportunities with META as the Ontario government is anticipated to issue additional licenses for cannabis retail locations."
"OCN has been a significant stakeholder in META since the Company's inception," said Mark Goliger, CEO of META. "By keeping the money in the Company, we can take advantage of growth opportunities, including expanding into the Ontario market in 2020. We are very grateful of OCN's continued support of META."
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This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward looking statements or information. Forward-looking statements and information in this news release includes, but is not limited to, potential regulatory changes affecting the cannabis retail environment and cannabis retail licensing in the province of Ontario, and the number of cannabis retail locations expected to open and/or become licensed in the future. Although the Company believes that the expectations and assumptions on which the forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results and developments may differ materially from those that are currently contemplated by these statements depending on, among other things, risks relating to future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; general business, economic, competitive, political, regulatory and social uncertainties; the delay or failure to receive regulatory approvals and the recreational cannabis industry in Canada generally. The Company cautions that the foregoing list of risks and uncertainties is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE National Access Cannabis Corp.
Company Codes: TorontoVE:META
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