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Easton Pharmaceuticals Announces New Non-Dilutional Financing Source to Be Utilized Towards Its Medical Marijuana Initiative and Acquisitions
Easton Pharmaceuticals Announces New Non-Dilutional Financing Source to Be Utilized Towards Its Medical Marijuana Initiative and Acquisitions.
About this update from Easton Pharmaceuticals Inc
[{"type":"text","content":"\n \n \n Easton Pharmaceuticals Announces New Non-Dilutional Financing Source to Be Utilized Towards Its Medical Marijuana Initiative and Acquisitions\n \n \nEaston Pharmaceuticals Announces New Non-Dilutional Financing Source to Be Utilized Towards Its Medical Marijuana Initiative and Acquisitions\n \n TORONTO, ON--(Marketwired - Jun 4, 2014) - Easton Pharmaceuticals Inc. (OTC: EAPH) announces it has located a new source of non-dilutional financing.\n As a result of Eastons non refundable deposit towards the closing on its recently announced medical marijuana agreement where Easton maintains an exclusive option to purchase up to 49% of a private Canadian medical marijuana company who has submitted an application for a federal growers license, Easton initiated discussions and received a commitment with a private accredited investor for additional financing to replace its existing source. The new financing option is conditional upon funds being solely used towards the purchase of its 49% option in the private Canadian medical marijuana company once a growers license has been issued. The new financing terms calls for funds being advanced as a convertible debenture loan secured by assets purchased in its exercised option in the medical marijuana company whose name is being kept confidential until its final inspection has been completed. Should Easton choose this financing option it would greatly reduce its dependence on its REG. A financing which was recently filed with the Securities and Exchange Commission and is awaiting any comments. Easton was previously financed $1 Million through regulation S 504 offerings.\n Easton has been provided a status update and been notified that the build out of the MMJ facility as per the MMPR application with Health Canada is nearing completion and will soon be able to schedule an inspection which is the last step prior to receiving a federal growers license. The facility is situated on acreage already zoned for agriculture and allows for the expected and planned expansion to accommodate a maximum of 50,000 sq. ft. of growing space. Only 13 growers licenses have thus far been issued nationally from Health Canada. The private MMJ company is currently in possession and is one of what is believed to be only 40 plus companies who have received a letter to build from Health Canada. Recent articles and...