Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLFFF)
(FRANKFURT:CLB), (the "
Company" or
"
CLC" or "
Christina Lake
Cannabis"), a leading producer of high quality extracts,
advanced products and sun grown cannabis, is pleased to provide
details regarding a proposed non-brokered private placement.
The Company announces that it intends to
complete a non-brokered private placement with gross proceeds of up
to $5,000,000 (the "Offering"). The Company will
be issuing convertible promissory notes (“Notes”)
secured by land and buildings. The Note bears interest at a rate of
15% per annum over a term of 36 months (the
"Term"). Repayment of the Note shall be in the
form of interest only payments for the first 15 months and a
blended principal and interest payment for the remaining Term.
Outstanding principal and interest from the Notes will be
convertible into common shares at a conversion price of $0.06 per
common share during the Term. The Company shall also have the right
to redeem or repay the Notes at any time during the Term. The
proceeds from the Offering are expected to be used for repayment of
outstanding debentures, working capital and general corporate
purposes. The first tranche of the Offering is expected to close on
or about September 11, 2023, or such other date or dates that the
Company may determine, subject to the receipt of all required
regulatory approval, including acceptance of the CSE. All
securities issued in connection with the Offering will be subject
to a hold period of four months and one day from the closing date,
in accordance with applicable Canadian securities laws.
Certain directors and officers of the Company
may acquire Notes under the Offering. Such participation will be
considered to be a "related party transaction" as defined under
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The
Company anticipates relying on exemptions from the minority
shareholder approval and formal valuation requirements applicable
to the related-party transactions under sections 5.5(b) and
5.7(1)(b), respectively, of MI 61-101, as neither the fair market
value of the Notes to be acquired by the participating directors
and officers nor the consideration to be paid by such directors and
officers is anticipated to exceed $2,500,000.
The securities issued under the Offering have
not been and will not be registered under the U.S. Securities Act
of 1933, as amended, and were not to be offered or sold in the
United States absent registration or an applicable exemption from
the registration requirements. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in the United States
or in any other jurisdiction in which such offer, solicitation or
sale would be unlawful.
The Company has also entered into an agreement
for the purchase of additional processing equipment to fulfill
growing demand for our high-quality outdoor flower. Under the
agreement the Company will purchase $277,675 CAD (+HST) worth of
equipment, with monthly repayments extending for 36 months,
beginning on October 15, 2023. Payments for the first 15 months of
the term are interest only, with blended principal and interest
payments commencing after December 15, 2024.
About Christina Lake Cannabis
Corp.
Christina Lake Cannabis is a licensed producer
of cannabis under the Cannabis Act with a standard cultivation
license and corresponding processing amendment from Health Canada
as well as a research and development license. 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. CLC focuses its production on creating high quality
extracts and distillate for its B2B client base with proprietary
strains specifically developed for outdoor cultivation to enhance
extraction quality.
On behalf of Christina Lake
Cannabis:
“Mark Aiken”Mark Aiken, CEO
For more information about CLC, please
visit: www.christinalakecannabis.comJennifer SmithInvestor
Relations and Media Inquiriesinvest@clcannabis.com902-229-7265
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.
This News Release includes certain
"forward-looking statements" which are not comprised of historical
facts. Forward-looking statements include estimates and statements
that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, “likely”, “probably”, “often”, or “plan”. Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release
includes, but is not limited to, the size of the Offering, the
completion and terms of the Offering, the use of the proceeds from
the Offering, the Company’s objectives, goals or future plans,
statements, harvesting results, and estimates of market conditions.
Factors that could cause actual results to differ materially from
such forward-looking information include future growth potential of
the Company, fluctuations in general macroeconomic conditions,
fluctuations in securities markets, expectations regarding the size
of the future harvest, the ability of the Company to successfully
achieve its business objectives, plans for expansion, inability to
obtain adequate insurance to cover risks and hazards and general
market conditions. Additional 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.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected
Although the forward-looking statements
contained in this news release are based upon what management of
the Company believes, or believed at the time, to be reasonable
assumptions, the Company cannot assure shareholders that actual
results will be consistent with such forward-looking statements, as
there may be other factors that cause results not to be as
anticipated, estimated or intended. Readers should not place undue
reliance on the forward-looking statements and information
contained in this news release. These statements speak only as of
the date of this news release. The Company assumes no obligation to
update the forward-looking statements of beliefs, opinions,
projections, or other factors, should they change, except as
required by law.
Core Laboratories (NYSE:CLB)
Historical Stock Chart
From Apr 2024 to May 2024
Core Laboratories (NYSE:CLB)
Historical Stock Chart
From May 2023 to May 2024