Christina Lake Cannabis Corp. (the “Company” or “CLC” or
“Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT:
CLB) is pleased to announce that it has appointed Jay
McMillan, an accomplished corporate development and
mergers/acquisitions (“
M&A”) executive with a
strong product development acumen, to its Board of Directors.
“We are pleased to welcome Jay
McMillan to CLC’s Board of Directors,” said Joel
Dumaresq, Chief Executive Officer and Director of Christina
Lake Cannabis. “Jay's deep industry experience will be invaluable
to CLC as we grow our business and continue to pursue our
mission. On behalf of the Company, I’d like to welcome Jay to the
team – we couldn’t be more excited to have him on board.”
Leveraging 25 years of international markets
experience, Mr. McMillan has an extensive background in new market
development and strategic engagements with Fortune 500
organizations in the consumer-packaged goods
(“CPG”), technology, and consumer electronics
spaces. Mr. McMillan’s most recent role was as Chief Development
Officer with HEXO Corp. (“HEXO”), a leading
Canadian Licensed Producer of cannabis, where he played a pivotal
role during the 2010s and 2020s in growing HEXO to be the top
Licensed Producer in the country by market share. At HEXO, Mr.
McMillan identified strategic business development opportunities by
way of M&A, joint ventures, and key partnerships. Furthermore,
Mr. McMillan was responsible for research and development
(“R&D”), innovation, and commercialization.
Mr. McMillan continues to participate in the expanding cannabis
market as a Principal of UberGreen; a cannabis consulting firm
focused on growth strategies, business model innovation, market
consolidation, and product development.
“I’ve been impressed by both the knowledge of
the Christina Lake Cannabis team and the great products that they
have created. I’m looking forward to leveraging my experience and
governance as well as several other facets of the cannabis industry
with CLC,” said Jay McMillan.
The Company announces that it has issued an
aggregate of 200,000 restricted share units (“RSUs”) and 675,000
stock options (“Options”) to directors and employees of the Company
in accordance with the Company’s Option and RSU plan. 300,000
Options have been granted with an exercise price of $0.20 and
375,000 Options have been granted with an exercise price of $0.25.
Each Option will entitle the holder thereof to purchase one
additional common share of the Company for a period of 5 years from
grant, at its respective exercise price. The Options are subject to
various vesting restrictions. The RSUs will vest upon various
agreed upon milestones and shall entitle the holder the ability to
acquire one common share of the Company underlying each such RSU by
delivering a notice of acquisition to the Company in accordance
with the RSU plan. The RSUs were priced at $0.20 based on
the closing price of the common shares on the
Canadian Securities Exchange on March 15, 2022.
Additionally, CLC hereby announces that it has
amended the terms of the following unsecured convertible debentures
(the “Convertible Debentures”):
- 358 Convertible Debentures issued
on March 13, 2020 in the principal amount of $1,790,000;
- 158 Convertible Debentures issued
on March 23, 2020 in the principal amount of $790,000;
- 20 Convertible Debentures issued on
April 7, 2020 in the principal amount of $100,000
- 5 Convertible Debentures issued on
May 14, 2020 in the principal amount of $25,000;
- 50 Convertible Debentures issued on
May 25, 2020 in the principal amount of $250,000; and
- 38.5 Convertible Debentures issued
on August 20, 2020 in the principal amount of $192,500.
The Convertible Debentures mature twenty-four
(24) months from the date of issuance and bear interest at a rate
of 12% per annum. Under the amended terms, the Convertible
Debentures will now mature forty-two (42) months from the date of
issuance and the debenture holder will have the option to convert
unpaid and accrued interest into conversion shares at a price of
$0.20, and, regardless of the date of conversion, such holder will
receive interest payable in conversion shares that is an amount
equal to the unpaid interest for the period from the issue date (or
date of last interest payment, if later) up to and including the
maturity date, on a non pro rata basis. All other terms of the
Convertible Debentures remain unchanged. The total principal amount
outstanding under the Convertible Debentures is $3,147,500.
Convertible Debentures that have not been
extended will remain subject to the original terms from
issuance.The amendment to the Convertible Debenture will allow the
Company to preserve its capital for operational activities.
The Company would also like to announce that all
motions that were presented at the Special Meeting for Class B
Preferred Shareholders held on March 11, 2022 were carried.
ABOUT CHRISTINA LAKE CANNABIS
CORP.
Christina Lake Cannabis is a licensed producer of cannabis under
the Cannabis Act. It has secured a standard cultivation licence and
corresponding processing amendment from Health Canada (March 2020
and August 2020, respectively) as well as a research and
development licence (early 2020). 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 32-acre site, which allows for future
expansion. Christina Lake Cannabis cultivates cannabis using
strains specifically developed for outdoor cultivation and in its
second harvest season produced over 38,000 kg (83,776 lb) of dried
biomass. For more information, please visit
www.christinalakecannabis.com and www.sedar.com (CLC.CN).
On behalf of Christina Lake Cannabis Corp.:
“Joel Dumaresq”
Joel Dumaresq, CEO and Director
For more information, please contact:
Jamie FrawleyInvestor Relations and Media Inquiries (e)
jamie@clcannabis.com (m) 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.
Forward-Looking Information: This news release includes certain
statements that may be deemed “forward-looking statements.” The use
of any of the words “anticipate,” “continue,” “estimate,” “expect,”
“may,” “will,” “would,” “project,” “should,” “believe” and similar
expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will
prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. These statements speak only as of
the date of this News Release. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks including various risk factors discussed in the
Company’s disclosure documents which can be found under the
Company’s profile on http://www.sedar.com.
Statement Regarding Third-Party Investor Relations
Firms
Disclosures relating to investor relations firms retained by
Christina Lake Cannabis Corp. can be found under the Company's
profile on http://sedar.com.
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