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James E. Wagner Cultivation Announces Convertible Security Funding Agreement With Lind Global Macro Fund, LP
James E. Wagner Cultivation Announces Convertible Security Funding Agreement With Lind Global Macro Fund, LP.
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\n KITCHENER, Ontario, Dec. 30, 2019 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA; OTCQX: JWCAF), is pleased to announce that it has entered into a convertible security funding agreement dated December 29, 2019 (the “CSA”), for an amount of up to CDN$10 million (the “Convertible Security”) with Lind Global Macro Fund, LP an entity managed by The Lind Partners (together “Lind”). JWC intends to use the proceeds of the Convertible Security for general working capital purposes.    Pursuant to the CSA, the Convertible Security will be made available to the Corporation in two tranches, with the first tranche (the “First Tranche”) being an amount of CDN$2 million, which is anticipated to be drawn down within 5 business days of execution. The Corporation has the ability to request additional funding in an amount between CDN$500,000 and CDN$8 million under a second tranche closing under the CSA. Funds advanced under the CSA shall be repaid over a period of 24 months from advancement. The parties have agreed to a pre-paid interest amount on the First Tranche equal to CDN$400,000 and a commitment fee in the amount of CDN$100,000.  In addition, JWC has agreed to grant the Investor 4,000,640 warrants to purchase common shares in connection with the First Tranche closing, which will have an exercise price of CDN$0.3379 ‎and be exercisable for 24 months from the issuance date. ‎ JWC may repurchase the amount outstanding of the Convertible Security at any time (a “Buy-back”). In the event of a Buy-back, JWC ‎will have the option to convert up to 25% of the amount outstanding at the First Conversion Price (as defined below). The ‎conversion price for the funds advanced under the First Tranche shall be CDN$0.25 (the “First Conversion Price”), which is equal to the five-‎day volume weighted average price (“VWAP”) of the Corporation’s common shares (the “Common Shares”) on the TSX Venture Exchange on December 27, 2019. The conversion price for funds ‎advanced under the second tranche, if any, shall be equal to the five-day VWAP of the Common Shares on the ‎trading day immediately prior to the earlier of a n...