Business
Green Growth Brands Completes C$61.2 Million Financing Led By Strategic Investors
Green Growth Brands Completes C$61.2 Million Financing Led By Strategic Investors.
About this update from Green Growth Brands Inc
[{"type":"text","content":"\n\n\n\nGreen Growth Brands Completes C$61.2 Million Financing Led By Strategic Investors\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGreen Growth Brands Completes C$61.2 Million Financing Led By Strategic Investors\nCanada NewsWire\nCOLUMBUS, OH, May 17, 2019\n\n\n\n/THIS DOCUMENT MAY NOT BE DISTRIBUTED OR RELEASED IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES./\nThe group has agreed to a conversion price equivalent to C$7.00 per common share, indicating confidence in the value of GGB\n COLUMBUS, OH, May 17, 2019 /CNW/ - Green Growth Brands, Inc. (CSE: GGB) (OTCQB: GGBXF) (\"GGB\" or the \"Company\") is pleased to announce that it has raised gross proceeds of US$45.5 million (C$61,233,100) pursuant to a private placement of convertible debt, (the \"Debenture Financing\") in the form of 15% secured convertible debentures (the \"Debentures\") at a price of US$1,000 per Debenture and with a conversion price equivalent to C$7.00 per common share. The net proceeds of the Debenture Financing will be used for general corporate and working capital purposes.\n\n \n \n\n \n\"The capital raised through this offering will help us further drive our rapid expansion,\" said Peter Horvath, CEO of Green Growth Brands. \"We are a premier operator in two booming markets. In our CBD business, we are rolling out a line of exceptional consumer-focused products including topicals and balms, and working with America's largest developers to increase our network of mall kiosks situated in prime locations. In our MSO business, we manage a premier cannabis retail business. In both businesses, we are actively reviewing partnerships and M&A opportunities to accelerate the build out of our company.\"\n\"The participants in this offering included early stage strategic investors in the Company, and we are gratified by the confidence they continue to show in GGB, in particular, at what amounts to a C$7.00 per common share conversion price \" Horvath added.\nUnder the Debenture Financing, GGB raised gross proceeds of US$45.5 million pursuan...