Christina Lake Cannabis Corp. (the "Company" or "CLC" or
"Christina Lake Cannabis") (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT:
CLB), further to the press releases dated September 7,
2023 and September 12, 2023, the Company is pleased to announce
that it has closed the second tranche (the
"Second
Tranche") of a non-brokered private placement of secured
convertible promissory notes (the
"Notes") in the
principal amount of CDN $750,000 (the
"Offering").
The Company expects to the close the remainder
of the financing in October 2023.
All securities issued pursuant to the Offering
are subject to a statutory four-month and one day hold period from
the date of issuance pursuant to applicable securities laws of
Canada.
Proceeds from the Offering will be used for
repayment of outstanding debentures, working capital and general
corporate purposes.
MI 61-101 Disclosure Certain insiders of the
Company participated in the second tranche of the Offering for an
aggregate total of $400,000 in Notes. The participation by such
insiders is considered a "related-party transaction" within the
meaning of Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions ("MI
61-101"). The Company has relied on exemptions from the
formal valuation and minority shareholder approval requirements of
MI 61-101 contained in 5.5(b) and 5.7(1)(b), respectively, of MI
61- 101, as no securities of the Company are listed or quoted on
the Toronto Stock Exchange, Aequitas NEO Exchange Inc., the New
York Stock Exchange, the American Stock Exchange, the NASDAQ Stock
Market, or a stock exchange outside of Canada and 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 exceeds $2,500,000. The Company did not
file a material change report more than 21 days before the expected
closing of the Offering as the details of the participation therein
by related parties of the Company were not settled until shortly
prior to closing of the first tranche of the Offering and the
Company wished to close on an expedited basis for sound business
reasons.
Debenture Repayment
The Company would also like to announce that it
has repaid the total principal amount due of $790,000 under its 12%
Unsecured Convertible Debentures due September 23, 2023 (the
"Debentures"). The repayment of the Debentures
also included outstanding interest due of $386,487. The repayment
of the Debentures at maturity was financed primarily with the
proceeds of the first two tranches of the non-brokered private
placement announced above.
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, completion of any additional tranches of 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.
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