Nextleaf Solutions secures C$3M in convertible note financing
Nextleaf Solutions Ltd (CSE:OILS) (OTCQB:OILFF) (FRA:L0MA) has closed a private placing with an institutional investor, raising C$3 million gross, which it says will be used to enhance the company’s automation and additional manufacturing capabilities in 2021.
The financing is in the form of a senior secured convertible note of the company in the principal amount of C$3.3 million and a warrant to purchase up to 6.875 million Nextleaf shares.
READ: Nextleaf Solutions supplies its Rapid Emulsion Technology to cannabis-infused beverage manufacturer BevCanna Enterprises
“Since commercializing our automated proprietary closed-loop refinery in mid-2020, Nextleaf has been highly focused on building our Commercial Partners Program and expanding our intellectual property portfolio,” Charles Ackerman, the chief financial officer of cannabis processing group Nextleaf, told investors in a statement.
“We are pleased our focused and measured approach continues to attract significant investment interest, despite challenges and variability in the market.”
The company said the net proceeds from the offering will be used to “enhance efficiencies through automation and additional manufacturing capabilities in 2021 and for general corporate and working capital purposes”.
The note will mature 18 months from issue and bears guaranteed interest at a rate of 5% per year.
The principal amount is convertible, if the investor chooses, into Nextleaf shares at C$0.288 per share at any time prior to the close of business on the last day immediately preceding the maturity date, subject to certain circumstances.
The warrant is exercisable into shares at C$0.288 each for 36 months from the date of issue.
Early in March this year, the company announced an initial order for its Rapid Emulsion Technology by OILS THC and CBD to cannabis-infused beverage manufacturer BevCanna Enterprises Inc (CSE:BEV) (QTCQB:BVNNF) (FRA:7BC).
With this initial order, Nextleaf said its Rapid concentrate becomes one of BevCanna’s preferred ingredients, available for use in both their brands and their partner brands. Rapid is Nextleaf’s patent-pending delivery technology.
BevCanna develops and manufactures a range of cannabis-infused beverages for both in-house brands and white-label clients, and is the exclusive Canadian licensee for the award-winning, No.1 selling brand in the US — Keef Brands.
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Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/945609/nextleaf-solutions-secures-c3m-in-convertible-note-financing-945609.html
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