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Cannara Biotech Inc. Completes Acquisition of TGOD's State-of-the-art Cultivation and Manufacturing Facility in Valleyfield, Quebec
Cannara Biotech Inc. Completes Acquisition of TGOD's State-of-the-art Cultivation and Man...
About this update from Cannara Biotech, Inc.
[{"type":"text","content":"\n \n \n \n Cannara Biotech Inc. Completes Acquisition of TGOD's State-of-the-art Cultivation and Manufacturing Facility in Valleyfield, Quebec\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\ntable p, #divContent table p\n{\nmargin: 0px;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Newly built fully automated one million sq. ft. facility increases Company's capacity of premium-grade cannabis up to 125,000 kg annually\n \n \n \n \n MONTREAL\n \n ,\n \n June 23, 2021\n \n /CNW Telbec/ - Cannara Biotech Inc. (\"\n \n Cannara\n \n \" or the \"\n \n Company\n \n \") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products with one of the largest indoor cannabis cultivation facilities in\n \n Canada\n \n and the largest in\n \n Quebec\n \n , today announced that it has closed its previously-announced acquisition of the one million square foot licensed cultivation and manufacturing facility in\n \n Valleyfield, Quebec\n \n from Medican Organic Inc., a wholly-owned subsidiary of The Green Organic Dutchman Holdings Ltd. (\n \n \"TGOD\"\n \n ) through an all-cash offer of\n \n $27 million\n \n plus the funding of certain deposit requirements of approximately\n \n $5.7 million\n \n .\n \n \n \n \n \n \n \n \n \n The acquisition was financed through non-brokered private placements of (i)\n \n $19.3 million\n \n resulting in the issuance of 107,222,222 new common shares in the capital of Cannara at a price of\n \n $0.18\n \n per share (the \"\n \n Equity Raise\n \n \") and (ii)\n \n $5.7 million\n \n in the form of an unsecured convertible debenture bearing interest at 4% per annum (the \"\n \n Debenture\n \n \" and, collectively with the Equity Raise, the \"\n \n Offerings\n \n \"). The sole subscriber to the Offerings is Olymbec Investments Inc. (\"\n \n Olymbec\n \n \"), a company partially owned/controlled by Mr.\n \n Derek Stern\n \n , currently a member of the board of directors of Cannara, making this part of the transaction a related party transaction.\n \n \n Following its acquisition of 107,222,222 c...