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KELOWNA, BC, Nov. 1, 2018 /CNW/ – Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) (FSE: 2M0) (“Liht”) or the “Company”) is pleased to announce the Company has secured a draw-down equity facility of up to $20,000,000 CDN with Alumina Partners, LLC (“Alumina”), a New York-based private equity firm that has made substantial investments in the cannabis space.
Alumina is a leading institutional investor in Canadian regulated cannabis and have conducted extensive due diligence in connection with this financing. The draw-down nature of the facility insures that Liht has the flexibility to access capital as needed while maintaining tight control over timing and pricing, thereby minimizing dilution. To learn more about Alumina visit http://www.aluminapartners.
The agreement details the purchase of up to $20,000,000 CDN of units of Liht (the “Units”), consisting of one common share (the “Share”) and one common share purchase warrant (the “Warrants”), at discounts ranging from 15% to 25% of the market price of the Shares, with each private placement offering occurring exclusively at the option of the Company, throughout the 24 month term of the agreement. The exercise price of the Warrants will be at a 25% premium over the market price of the Shares. There are no upfront fees or interest associated with the use of this financing.
“We are thrilled to complete this financing agreement with Alumina. This transaction will enable Liht’s continuum of development and generate positive returns for its shareholders. This financing will allow Liht to continue to aggressively execute its growth strategy in Canada and the United States.” Rahim Mohamed, CEO
“We are delighted to support Liht as they approach the inflection point of their business, evolving their brand to keep pace with the ever-accelerating Cannabis landscape,”noted Adi Nahmani, Alumina’s Managing Member. “We have every confidence that Liht’s expanded senior management team is focused on pursuing accretive shareholder value, and we look forward to participating in that success alongside other shareholders.”
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