VANCOUVER, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) — Christina Lake Hashish Corp. (the “Firm” or “CLC” or “Christina Lake Hashish”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB), additional to the press releases dated September 7, 2023 and September 12, 2023, the Firm is happy to announce that it has closed the second tranche (the “Second Tranche”) of a non-brokered personal placement of secured convertible promissory notes (the “Notes”) within the principal quantity of CDN $750,000 (the “Providing”).
The Firm expects to the shut the rest of the financing in October 2023.
All securities issued pursuant to the Providing are topic to a statutory four-month and sooner or later maintain interval from the date of issuance pursuant to relevant securities legal guidelines of Canada.
Proceeds from the Providing will probably be used for compensation of excellent debentures, working capital and basic company functions.
MI 61-101 Disclosure Sure insiders of the Firm participated within the second tranche of the Providing for an mixture whole of $400,000 in Notes. The participation by such insiders is taken into account a “related-party transaction” throughout the that means of Multilateral Instrument 61-101 – Safety of Minority Safety Holders in Particular Transactions (“MI 61-101“). The Firm has relied on exemptions from the formal valuation and minority shareholder approval necessities of MI 61-101 contained in 5.5(b) and 5.7(1)(b), respectively, of MI 61- 101, as no securities of the Firm are listed or quoted on the Toronto Inventory Trade, Aequitas NEO Trade Inc., the New York Inventory Trade, the American Inventory Trade, the NASDAQ Inventory Market, or a inventory change exterior of Canada and neither the truthful market worth of the Notes to be acquired by the collaborating administrators and officers nor the consideration to be paid by such administrators and officers is exceeds $2,500,000. The Firm didn’t file a cloth change report greater than 21 days earlier than the anticipated closing of the Providing as the main points of the participation therein by associated events of the Firm weren’t settled till shortly previous to closing of the primary tranche of the Providing and the Firm wished to shut on an expedited foundation for sound enterprise causes.
Debenture Reimbursement
The Firm would additionally wish to announce that it has repaid the whole principal quantity due of $790,000 below its 12% Unsecured Convertible Debentures due September 23, 2023 (the “Debentures“). The compensation of the Debentures additionally included excellent curiosity due of $386,487. The compensation of the Debentures at maturity was financed primarily with the proceeds of the primary two tranches of the non-brokered personal placement introduced above.
About Christina Lake Hashish Corp.
Christina Lake Hashish is a licensed producer of hashish below the Hashish Act with a regular cultivation license and corresponding processing modification from Well being Canada in addition to a analysis and growth license. Christina Lake Hashish’ facility consists of a 32-acre property, which incorporates over 950,000 sq. ft of out of doors develop house, workplaces, propagation and drying rooms, analysis services, and a facility devoted to processing and extraction. Christina Lake Hashish additionally owns a 99-acre plot of land adjoining its principal website. CLC focuses its manufacturing on creating prime quality extracts and distillate for its B2B shopper base with proprietary strains particularly developed for outside cultivation to reinforce extraction high quality.
On behalf of Christina Lake Hashish:
“Mark Aiken”
Mark Aiken, CEO
For extra details about CLC, please go to: www.christinalakecannabis.com
Jennifer Smith
Investor Relations and Media Inquiries
[email protected]
902-229-7265
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 Information Launch contains sure “forward-looking statements” which aren’t comprised of historic details. Ahead-looking statements embrace estimates and statements that describe the Firm’s future plans, goals or objectives, together with phrases to the impact that the Firm or administration expects a acknowledged situation or outcome to happen. Ahead-looking statements could also be recognized by such phrases as “believes”, “anticipates”, “expects”, “estimates”, “might”, “may”, “would”, “will”, “seemingly”, “in all probability”, “typically”, or “plan”. Since forward-looking statements are based mostly on assumptions and deal with future occasions and situations, by their very nature they contain inherent dangers and uncertainties. Though these statements are based mostly on data at present accessible to the Firm, the Firm gives no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different components concerned with forward-looking data may trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking data. Ahead wanting data on this information launch contains, however will not be restricted to, the dimensions of the Providing, the completion and phrases of the Providing, the usage of the proceeds from the Providing, completion of any extra tranches of the Providing, the Firm’s goals, objectives or future plans, statements, harvesting outcomes, and estimates of market situations. Components that might trigger precise outcomes to vary materially from such forward-looking data embrace future progress potential of the Firm, fluctuations generally macroeconomic situations, fluctuations in securities markets, expectations relating to the dimensions of the longer term harvest, the power of the Firm to efficiently obtain its enterprise goals, plans for growth, incapability to acquire ample insurance coverage to cowl dangers and hazards and basic market situations. Extra components and dangers together with varied danger components mentioned within the Firm’s disclosure paperwork which may be discovered below the Firm’s profile on Ought to a number of of those dangers or uncertainties materialize, or ought to assumptions underlying the forward-looking statements show incorrect, precise outcomes might range materially from these described herein as meant, deliberate, anticipated, believed, estimated or anticipated
Though the forward-looking statements contained on this information launch are based mostly upon what administration of the Firm believes, or believed on the time, to be affordable assumptions, the Firm can’t guarantee shareholders that precise outcomes will probably be in keeping with such forward-looking statements, as there could also be different components that trigger outcomes to not be as anticipated, estimated or meant. Readers shouldn’t place undue reliance on the forward-looking statements and data contained on this information launch. These statements communicate solely as of the date of this information launch. The Firm assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different components, ought to they modify, besides as required by regulation.
CBJ Newsmakers
