Next Green Wave (CSE:NGW, OTCQX:NXGWF)(“Next Green Wave”, “NGW” or the “Company”) announces that it has closed the first tranche of the non-brokered offering of 3,000 unsecured Convertible Notes with a face value of $1,000 each (the “Convertible Notes”) for aggregate gross proceeds to the Company of $3,000,000 (the “Offering”). The Convertible Notes will mature on May 29, 2021 and accrue interest at the rate of 8.5% per annum, payable in arrears semi-annually on June 30, and December 30 of each year, commencing June 30, 2019. The principal amount of the Convertible Notes is convertible, for no additional consideration, into common shares of NGW (the “Shares”) at the option of the holder at any time prior to the close of business on the Maturity Date, at a price of $0.388 (the “Conversion Price”). The subscribers of the Convertible Notes have been issued transferable common share purchase warrants (the “Warrants”) entitling them to collectively purchase 7,732,357 shares for a period of 24 months from the date of issue at an exercise price of $0.485 (the “Exercise Price”). Beginning on the date that is four months plus one day following the closing date, the Company may force the conversion of the Convertible Notes, if, for any twenty (20) consecutive trading days, the daily volume weighted average trading price of the common shares is greater than a 80% premium to the Conversion Price. The Company shall also be entitled to accelerate the expiry date of the Warrants if, for any 20 consecutive trading days, the closing price of the common shares equals or exceeds an 85% premium to the Exercise Price. Full terms of the Offering have been referenced on news release dated April 25, 2019.
The Company may access the second $3,000,000 tranche at its sole discretion within 45 days of the closing date.
Proceeds of the Offering will be used for the acceleration and rollout of Next Green Wave’s brands and products throughout California, including making certain payments for the SDC Ventures LLC acquisition. The products will be developed in partnership with: Carey Hart, King Louie, Sketchy Tank, Junkyard LA, Toy Machine Skateboard, WEARESDC, OSS and recently launched Loki the Wolfdog CBD pet products (https://lokinaturals.com/).
“The funding will allow us to continue with the rollout of the highest quality consumer-facing products and advance the build-out of our research and innovation facility that will further open our distribution channels,” said CEO, Leigh Hughes.
The Company has paid an advisory fee and commission to M Partners in connection with the above financing. M Partners has also received finder warrants entitling them to purchase units of the Company equal to 7% of the number of Shares into which the Convertible Notes are convertible, at the Conversion Price, each unit consisting of a share and a share purchase warrant. The share purchase warrants issued to M Partners have the same terms as the Warrants. The Convertible Notes, Warrants, and shares issuable on conversion or exercise thereof in conjunction with this first tranche closing will be subject to a statutory hold period expiring September 30, 2019.
About Next Green Wave
Next Green Wave is a vertically integrated seed-to-consumer premium medicinal and recreational cannabis company operating in California. The Company’s first state-of-the-art indoor facility (35,000 ft.2) is now entering production with future plans to expand the 15 acres of cannabis zoned land it is situated on. NGW has acquired a seed library of over 120 strains which include several award-winning genetics and cultivars. Recent acquisition of SDC Ventures will complement NGW’s branded products and accelerate the company to revenue through SDC’s existing partnerships and labels. The investment in OMG will provide NGW access to distribution through the licensing of our brands through Colombia. To find out more visit us at www.nextgreenwave.com or follow us on Twitter at @nextgreenwave, on Instagram, and LinkedIn.
On behalf of the board,
CEO and Executive Chairman
Next Green Wave Holdings Inc.
Next Green Wave Forward Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, the risk factors included in the preliminary prospectus, including without limitation dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing state, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits to complete construction of its proposed facilities in a timely manner; engaging in activities which currently are illegal under US federal law and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, particularly in California, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; NGW’s limited operating history and lack of historical profits; reliance on management; NGW’s requirements for additional financing, and the effect of capital market conditions and other factors on capital availability, including closing of Tranche 1 and Tranche 2 of the Notes; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers. Readers are encouraged to the review the section titled “Risk Factors” in NGW’s prospectus. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although NGW has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. NGW no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
For more information regarding Next Green Wave, contact:
VP Corp. Development
Tel: +1 (778) 589-2848
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.