VANCOUVER, British Columbia, July 26, 2021 (GLOBE NEWSWIRE) -- BC Craft Supply Co Ltd, (CSE: CRFT) (“CRFT” or the “Company”), a diversified wellness company advancing cannabinoid and psychedelic innovation and psychotherapy, wishes to announce a private placement of secured convertible promissory notes (the “Notes”), in the aggregate principal amount of up to $3,000,000 (the “Private Placement”).
Unless earlier repaid or converted in common shares, the outstanding principal amount of the Notes will be due and payable on the date which is 36 months from the date of issuance (the “Maturity Date”). The Notes shall bear interest at a rate of 8% per annum, prepaid on the date of the Note, on the 13th month and 25th month from issuance (the “Interest Payment”). The Interest Payment shall be paid by the issuance of common shares in the capital of the Company issued at a price per common share equal to the 10-day volume weighted average price.
Investors shall have the option to convert all or any portion of the unpaid principal amount of the Notes, into common shares of the Company (each a “Conversion Share” and, collectively, the “Conversion Shares”). The principal amount and any unpaid interest on each Note shall be convertible into Conversion Shares, at the option of the holder of each Note, at a conversion price of $0.05 per Conversion Share, from and after the closing date and ending at 5:00 p.m. (Vancouver Time) on the last business day immediately prior to the Maturity Date. On the Maturity Date, for each Note, any unconverted portion of the principal amount, and all unpaid interest on, such Note shall be repaid to the holder of such Note.
All or any portion of the unpaid principal amount of the Notes, may at the Company’s option, be prepaid in whole or in part, at any time or from time to time, without premium or penalty, prior to the Maturity Date.
The proceeds from the Notes will be used by the Company for general working capital purposes. In accordance with applicable securities laws, all securities issued in connection with the Notes are subject to a four month and one day statutory hold period. Finder’s fees may be paid to qualified parties in connection with the Private Placement.
About BC Craft Supply Co. Ltd.
BC Craft Supply Co. Ltd. is a diversified wellness company advancing cannabinoid and psychedelic innovation and psychotherapy. The Company offers a reimagined vision for craft markets through collaboration, expertise, and adaptation. Its operations include:
CRFT a curator and aggregator of craft cannabis, providing advocacy and access for premium small-batch growers to Canada’s cannabis market;
Medcann Health Products - a cultivation and processing facility in Chemainus BC;
Feelwell Brands, a successful cannabinoid brand house licensed in the state of California; and
AVA Pathways a pre-clinical biotech company focused on neuroplasticity and mental health applications using psilocybin and compounds derived from mushrooms.
BC Craft works with local artists cross-sector and remains fervently committed to keeping the art, technique, and purity of their pursuit.
Follow @BC_Craft on Twitter for the latest updates.
THE CANADIAN SECURITIES EXCHANGE (THE "CSE") HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE NOR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, but are not limited to, the anticipated closing the Private Placement.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, CRFT assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
For further information:
Matthew Watters, CEO, and Director
Phone: (604) 687-2038
BC Craft Supply Co. Ltd.
SUITE 810 – 789 West Pender Street
Vancouver, British Columbia