Vancouver, British Columbia--(Newsfile Corp. - October 30, 2020) - AgriCann Solutions Corp.(the "Company", "AgriCann" or "ASC") is pleased to announce a private placement offering of up to 7,500 $100.00 Convertible Debentures (collectively the "CDs") for proceeds of up to $750,000.
Proceeds will be used to fund the remaining $400,000 of its 8% $600,000 Convertible Loan Agreement commitment in accordance with the Company's letter of intent with Craft Nurseries Canada, as announced June 3, 2020, and for general working capital.
The CDs are convertible for twelve months into $0.25 Units at no additional cost to the holder. Each Unit consists of one (1) common share (a "Share") in the capital of AgriCann and one-half of a share purchase warrant (a "Warrant"). Each full Warrant will entitle the holder to purchase one (1) additional Share (a "Warrant Share") for $0.50 at any time for twenty-four (24) months, at which time the Warrants will expire.
Should the Company's Shares have a closing price equal to or higher than $1.00 per Share for ten (10) consecutive trading days on a recognized stock exchange, the Company shall be entitled to give notice to the holders of Warrants by news release, that the Warrants will expire 30 days after the date of such news release unless exercised before the expiry of that period, and in such event all unexercised Warrants will expire on the last day of such 30 day period.
The Company will pay the holder of each CD interest on the principal amount outstanding from time to time to the date that the Convertible Debenture remains outstanding (the "Term") 5% of the principal amount, payable at the option of the holder in cash or in Shares to be accrued while the CD is outstanding until the Maturity Date, at which time the Company will also pay the holder the principal amount of the CD then outstanding unless otherwise converted by the holder.
Insiders directly or indirectly subscribing for these CDs include Tim Tombe ($250,000), Robert van Santen ($250,000), and Chris MacPherson ($25,000), non-arm's-length parties to the Company by virtue of holding more than 10 per cent of the Company's issued and outstanding common shares on a fully diluted basis, and/or holding officer and director positions in the Company.
About AgriCann Solutions Corp.
The Company is a "Reporting Issuer" that originated as one of three spinouts upon completion of a statutory plan of arrangement completed by The Valens Company (formerly Valens GroWorks Corp.) on March 12, 2015. The Company seeks to acquire a suitable business opportunity with potential for scalable near-term cash flow and sustainable growth to create shareholder value.
ON BEHALF OF AGRICANN SOLUTIONS CORP.
(signed) "Rob van Santen"
CEO & Director
For further information, please contact:
Robert van Santen, CA, CPA, CMT
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. The Company will provide further updates respecting these initiatives as developments occur. There can be no assurance that interests in any or all of these or additional projects being pursued will be acquired, funded and/or commercialized.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67232
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