Harvest One Announces Amendment to Shareholder Loan

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[{"type":"text","content":"\n\n\n\nHarvest One Announces Amendment to Shareholder Loan\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}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 11, 2020\n\n\n\nVANCOUVER, March 11, 2020 /CNW/ - Harvest One Cannabis Inc. (\"Harvest One\" or the \"Company\") (TSX-V: HVT; OTCQX: HRVOF) is pleased to announce that MMJ Group Holdings Ltd. (\"MMJ\") has agreed to extend the maturity date (the \"Extension\") of a secured loan agreement (the \"Loan Agreement\") with MMJ, an insider of the Company, for a loan in the amount of $2,000,000, issued on January 10, 2020 (the \"Loan\"). The Loan, as amended, continues to be secured by a general security agreement over all of the present and future assets of the Company, including intangibles, and continues to bear interest at a rate of 15% per annum on the principal amount outstanding. Pursuant to an amending agreement between the Company and MMJ dated March 10, 2020 (the \"Amending Agreement\"), the new maturity date of the Loan is June 8, 2020, subject to earlier repayment in certain circumstances.\n\n \n \n \n \n \n \n\n \nIn consideration for the Extension, the Company has agreed to issue such number of common share purchase warrants (\"Warrants\") equal to the quotient obtained by dividing C$1,025,000 by $0.06, being the closing price of the common shares of the Company (the \"Common Shares\") on the TSX Venture Exchange (the \"Exchange\") on March 10, 2020. Each Warrant will entitle the holder to purchase one Common Share at a price of $0.06 at any time until the earlier of: (i) the date of the extension or renewal of the Loan; and (ii) the second anniversary of the date of the issuance of the Warrants. The issuance of the Warrants is subject to all necessary regulatory and Exchange approvals. Should the Company fail to: (i) obtain Exchange approval; or (ii) deliver the Warrants in a form satisfactory to MMJ on or before April 6, 2020 (the \"Trigger Date\"), the parties shall, for a period of 14 days following the Trigger Date, negotiate amendments to the Amending Agreement that would preserve the economics of the parties con...

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