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THC Therapeutics Has Entered Into Agreement for up to $50 Million in Funding With a Private Equity Firm for M&A in the Cannabis Industry
THC Therapeutics Has Entered Into Agreement for up to $50 Million in Funding With a Private Equity Firm for M&A in the Cannabis Industry.
About this update from Thc Therapeutics, Inc.
[{"type":"text","content":"Groundbreaking Leap Forward in THCT's New Business Plan.LAS VEGAS, NV / ACCESSWIRE / September 10, 2021 / THC Therapeutics, Inc. (THCT), a forward-thinking, publicly-traded technology company, whose mission statement is, "Better Health through the Science of Nature," has entered into an agreement to secure up to $50 million in funding with Shefford Capital Partners for acquisitions in the cannabis, alternative therapies and modern health space.After numerous meetings, an agreement has been entered between THC Therapeutics and Shefford Capital Partners ("Shefford Capital") for Shefford Capital to purchase up to $25 million in restricted shares of company stock over multiple closings, and for Shefford Capital to arrange for the company to receive $25 million in debt financing, all of the proceeds of which will be used for the implementation of an acquisition strategy in the cannabis industry, psychedelic medicine space, and/or with respect to companies providing cutting-edge healthcare related products and services. Shefford Capital Partners is a private equity firm presently managing over $250 million in capital. This arrangement represents a monumental leap forward in THC Therapeutics' business plan. As per THC Therapeutics' discussions with Shefford Capital, the company plans to add two additional members to its board of directors, one appointed by Shefford Capital and another to be determined and agreed upon by both Shefford Capital and the company at a later date. Additionally, each acquisition is required to be approved by both THCT and Shefford.The terms for the share purchases by Shefford Capital are very favorable in the company's opinion; this type of financing is usually only available for NASDAQ/NYSE listed companies in THCT's view. The terms of the agreement are as follows:All shares will be issued at the closing price of the THCT's common stock on the day each acquisition closes or the date each acquisition is announced, whichever is earlier. All shares issued to Shefford pertaining to the agreement will be restricted securities and are not required to be registered with the SEC either before or after issuance.The debt portion of this financing will be arranged by Shefford Capital as a $25 million debt facility for THC Therapeutics. The debt will be in the form of traditional (non-toxic) debt to p...