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James E. Wagner Cultivation Announces Closing of $2 Million Convertible Security under Previously Announced Agreement With Lind Global Macro Fund, LP
James E. Wagner Cultivation Announces Closing of $2 Million Convertible Security under Previously Announced Agreement With Lind Global Macro Fund, LP.
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\n KITCHENER, Ontario, Jan. 10, 2020 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA; OTCQX: JWCAF) is pleased to announce that on January 10, 2020 (the “Closing Date”), it received an advance (the “First Tranche”) of CDN$2 million (the “Convertible Security”) from Lind Global Macro Fund, LP, an entity managed by The Lind Partners (together, “Lind”), pursuant to the previously-announced convertible security funding agreement dated December 29, 2019 (the “CSA”) between JWC and Lind. In addition, on the Closing Date, JWC issued Lind 4,000,640 warrants (the “Warrants”) to purchase common shares of JWC, exercisable until January 10, 2022 at an exercise price of CDN$0.3379 ‎per common share. The Warrants are subject to a four month hold period in accordance with applicable Canadian securities laws. JWC intends to use the proceeds of the Convertible Security for general working capital purposes. Additional information regarding the terms and conditions of the Convertible Security and the CSA can be found in the news release of the Company dated December 30, 2019. As of the Closing Date, JWC granted Lind a security interest in all current and after acquired property of the Corporation and its subsidiaries, subject to certain permitted liens, which security is subordinated to Trichome Financial Corp.’s security interest. James E. Wagner Cultivation Ltd. and GrowthStorm Inc., the Corporation’s direct wholly-owned subsidiaries, are guarantors of the obligations of the Corporation under the CSA. About James E. Wagner Cultivation Corporation James E. Wagner Cultivation Corporation’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 using an advanced and proprietary aeroponic platform named GrowthSTORM™. JWC began as a collective of patients and growers under the Marihuana Medical Access Regulations (the precursor to ACMPR). Since its inception, JWC has remained focused on providing the best possible patient experience. JWC is a family-founded compa...