True Leaf Closes Repayment Deferral Transaction
October 07 2019 - 8:14PM
True Leaf Brands Inc. (“True Leaf” or the “Company”) (CSE: MJ)
(OTCQX: TRLFF) (FSE: TLA) announced today that it has executed a
waiver, amendment and funding agreement supplement (the “Waiver”)
with an entity managed by The Lind Partners, a New York-based
institutional fund manager (the “Investor”), and closed the
transactions contemplated by the Waiver.
“We are excited to continue as a key partner of
True Leaf by supporting their strategic growth plan,” said Phillip
Valliere, Managing Director at The Lind Partners. “True Leaf’s
expanded natural pet care product lines and growing retail
footprint have positioned the company to be a leader in the global
pet care market and, as an investor, we continue to believe that
True Leaf has tremendous commercial growth potential.”
The Waiver provides for (i) a 6 month repayment
deferral, to March 22, 2020, under the convertible security funding
agreement dated February 12, 2019 between the Investor and the
Company; (ii) the issuance of an additional convertible security
with a face value of $540,000 (the “Deferral Convertible Security”)
to the Investor; and (iii) the issuance of 2,160,000 warrants
(collectively, the “Warrants” and individually, a “Warrant”) of the
Company to the Investor.
The face value of the Deferral Convertible
Security is convertible into common shares of the Company at a
conversion price of $0.21 per share. The Company is required to
repay the principal amount of the Deferral Convertible Security in
18 equal monthly payments commencing six months after closing,
except that the repayment amount will be reduced in any month by
any amount converted by the Investor into the Company’s common
shares.
Each Warrant entitles the Investor to purchase
one common share at an exercise price of $0.21. The Warrants expire
36 months from their date of issue.
About True Leaf
True Leaf Pet Inc., a subsidiary of True Leaf
Brands Inc., is a leading global pet care company. Inspired by the
unconditional love our pets give us every day, we return that love
through our wellness pet products which help maintain and protect
the natural vitality of our pet companions. “Return the Love” is
the purpose that drives our business and is at the heart of our
values to bring happiness to pets and their owners.
True Leaf Cannabis Inc., also a subsidiary of
True Leaf Brands Inc., is in the final stages of approval to become
a licensed producer of cannabis in Canada. True Leaf Cannabis Inc.
owns True Leaf Campus, an 18,000 square foot cannabis cultivation
and production facility in Lumby, British Columbia.
www.trueleaf.com
Media Contact:
Paul Sullivan Director, Public
RelationsPaul@trueleaf.comO: 604-685-4742M: 604-603-7358
Investor Contact:
Phil Carlson / Scott EcksteinKCSA Strategic
Communicationspcarlson@kcsa.com / seckstein@kcsa.comO: 212-896-1233
/ 212-896-1210
Follow True Leaf Twitter:
@trueleafpet Facebook: True Leaf PetInstagram: @trueleafpet
Forward-Looking Statements
This news release contains forward-looking
statements and management may make additional forward-looking
statements in response to your questions. Such written and oral
disclosures are made pursuant to the Safe Harbor provision of the
Private Securities Litigation Reform Act of 1995 and True Leaf
hereby claims such safe harbour protection for all forward-looking
statements. True Leaf believes that the expectations reflected
in such forward-looking statements are based on reasonable
assumptions; however, True Leaf’s actual results and performance
and the value of its securities could differ materially from those
set forth in the forward-looking statements due to the impact of
many factors summarized in the "Risk Factors" section of True
Leaf’s Offering Circular Form 1-A filed with the U.S. Securities
and Exchange Commission and Canadian securities regulatory
authorities and other discussions of risk factors contained in True
Leaf’s periodic filings or supplements to the offering circular.
True Leaf's Offering Circular Form 1-A can be found at
ir.trueleaf.com. Forward-looking statements speak only as of the
date they are made. True Leaf undertakes no obligation to update or
revise any such information for any reason after the date of this
presentation unless required by law.
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