Business
Rubicon Organics Announces $6,000,000 Mortgage Financing Loan
Rubicon Organics Announces $6,000,000 Mortgage Financing Loan Canada NewsWire VA...
About this update from Rubicon Organics, Inc.
[{"type":"text","content":"\n\n\n\nRubicon Organics Announces $6,000,000 Mortgage Financing Loan\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 20, 2019\n\n\n\nVANCOUVER, March 20, 2019 /CNW/ - Rubicon Organics Inc. (CSE:ROMJ) (OTCQX:ROMJF) (\"Rubicon Organics\" or the \"Company\") a super-premium, organic cannabis producer with operations in Canada, Washington and California, is pleased to announce that it, through a subsidiary, has agreed to terms of a $6,000,000 mortgage financing loan (the \"Loan\") from Romspen Investment Corporation. Subject to completion of certain conditions, the Company anticipates drawing its first advance under the Loan on March 22, 2019.\n\n \n \n\n \nThe Loan is for a term of 18 months, bears interest at twelve percent per annum, and is secured by a first ranking mortgage on the Company's state-of-the-art hybrid facility in Delta, BC (the \"Property\"). The Loan will be used to repay the current $3 million mortgage on the Property, pay fees and expenses related to the Loan, and to assist with certain construction costs associated with renovating the Property.\n\"We are excited to complete this first tranche of a broader non-dilutive financing package\" said Jesse McConnell, Co-Founder and CEO.  \"Upon completion of the broader financing package, Rubicon Organics expects to be funded to execute on our business plan to provide super-premium, certified organic cannabis products in Canada and for export to international markets.\"\nABOUT RUBICON ORGANICS INC.\nRubicon Organics Inc. (\"Rubicon Organics\" or the \"Company) (CSE:ROMJ) (OTCQX:ROMJF) is a Licensed Producer focused on building super-premium organic cannabis brands* with operations in Canada, Washington and California. Rubicon Organics' flagship Canadian facility is a 125,000 sq. ft. state-of-the-art hybrid greenhouse with industry leading LED lighting and is located on a 20-acre property in Delta, British Columbia. The Company's Washington facility is a newly constructed, 40,000 sq. ft. hybrid greenhouse and extraction facility. Rubicon Organics has commenced produ...