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Vancouver Cannabis Co's $2.3M In Private Placement Deal Paves Way For More International Expansion

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Christina Lake Hashish Corp. CLC CLCFF CLB has closed the primary tranche of a non-brokered personal placement of secured convertible promissory notes within the principal quantity of CA$3.19 million ($2.35 million).

On Tuesday, the Vancouver, British Columbia-based hashish firm stated that it has issued convertible promissory notes secured by land and buildings.

The observe bears curiosity at a fee of 15% every year over a time period of 36 months.

Beneath the deal, compensation of the observe shall be within the type of interest-only funds for the primary 15 months of the time period and a blended principal and curiosity fee for the remaining time period.

Excellent principal and curiosity from the notes shall be convertible into frequent shares at a conversion value of $0.06 per frequent share in the course of the time period.

The corporate additionally has the suitable to redeem or repay the notes at any time in the course of the time period.Β 

Proceeds from the providing shall be used to repay excellent debentures, working capital and basic company functions.

In the meantime, Christina Lake entered the South African market through a provide take care of MG BioTech Ventures (Pty) Restricted in March. Beneath that deal, the corporate agreed to produce customized formulations of medicinal hashish oils to the South African medical hashish market.

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TheΒ Benzinga Hashish Capital Convention, the place the place offers get performed, is returning to Chicago this Sept 27-28 for its seventeenth version.Β Get your tickets at presentΒ earlier than costs enhance and safe a spot on the epicenter of hashish funding and branding.

CLCFF Worth Motion

Christina Lake’s shares traded 2.4242% decrease at $0.0322 per share on the market shut on Monday.

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Picture: Courtesy of bulkbuddy, PublicDomainPictures by Pixabay

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