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James E. Wagner Cultivation Announces Second Convertible Security Funding Agreement With Lind Global Macro Fund, LP
James E. Wagner Cultivation Announces Second 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, March 11, 2020 (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 March 10, 2020 (the “CSA”), for CDN$1.2 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, it is anticipated that the Convertible Security will be advanced to the Corporation within 10 trading days of execution. 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 Convertible Security equal to CDN$240,000 and a commitment fee in the amount of CDN$60,000. In addition, JWC has agreed to grant the Investor 4,616,123 warrants to purchase common shares in connection with the closing, which will have an exercise price of CDN$0.13‎ 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, Lind ‎will have the option to convert up to 25% of the amount outstanding at the Conversion Price (as defined below). The ‎conversion price for the funds advanced shall be CDN$0.13 (the “Conversion Price”), which is equal to the closing price of Corporation’s common shares (the “Common Shares”) on the TSX Venture Exchange on March 9, 2020. Lind may, one or more times and from time-to-time at any time during the ‎term of the Convertible Security, provide JWC with a conversion notice ‎‎(a “Conversion Notice”) indicating that it requires a conversion of all or part of the amount outstanding of the Convertible Security (less the commitment fees), provided that in no event may a ‎conversion occur during the four months and one day following a closing date. The conversion of any of the Convertible Security shall be ‎effected at the Conversion Price. In respect of the Convertible Security, JWC will grant Lind a security interest...