Business
James E. Wagner Cultivation Announces Closing of $1.15 Million Advance Under Amended Loan Agreement and Issuance of Bonus Shares
James E. Wagner Cultivation Announces Closing of $1.15 Million Advance Under Amended Loan Agreement and Issuance of Bonus Shares.
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\n KITCHENER, Ontario, Feb. 19, 2020 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA; OTCQX: JWCAF‎), is pleased to announce that on February 19, 2020, the Corporation closed the second tranche of the loan in the amount of CDN$1,150,000 (the “Loan”) pursuant to the previously disclosed amended and restated loan agreement dated November 6, 2019, as amended January 9, 2020 (the “Loan Agreement”), between, among others, JWC and Trichome Financial Corp. (the “Lender”). In connection with closing of the Loan, the Corporation and the Lender entered into a second amendment to the Loan Agreement dated February 19, 2020, pursuant to which JWC granted the Lender certain rights, including the right to designate one individual as a non-voting board observer and the right to nominate one individual to serve on the board of directors of JWC. Pursuant to the Loan Agreement, a 5% original issue discount was applied to the Loan at the time it was advanced by the Lender. ‎The Loan shall be payable in full on November 6, 2021. JWC intends to use the net ‎proceeds of the Loan to finance the completion of construction of its facility located at 530 Manitou Drive in Kitchener, Ontario, to finance the launch of new products, and for general working capital requirements.‎ As consideration for providing the Loan and pursuant to TSX Venture Exchange (“TSXV”) Policy 5.1 – Loans, Loan Bonuses, Finder’s Fees and Commissions, JWC has issued 1,052,500 common shares of JWC (the “Bonus Shares”) to the Lender. The Bonus Shares are subject to a four month hold period in accordance with applicable Canadian securities laws. The issuance of the Bonus Shares is subject to the final approval of the TSXV. About James E. Wagner Cultivation Corporation JWC’s wholly owned subsidiary is a Licensed Producer under the Cannabis Regulations, formerly the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis. JWC uses its advanced and proprietary Dual Droplet™ aeroponic platform named GrowthSTORM™. JWC was founded as a family company and is based on family values. JWC began as a col...