James E. Wagner Cultivation Announces Closing of $1.2 Million Convertible Security under Second Funding Agreement With Lind G...
March 18 2020 - 6:00AM
James E. Wagner Cultivation Corporation (“
JWC” or
the “
Corporation”) (TSX VENTURE: JWCA; OTCQX:
JWCAF), is pleased to announce that on March 16, 2020 (the
“
Closing Date”), it received
CDN$1.2 million (the “
Convertible
Security”) from Lind Global Macro Fund, LP, an
entity managed by The Lind Partners (together,
“
Lind”), pursuant to the convertible security
funding agreement dated March 10, 2020 (the “
CSA”)
between JWC and Lind. In addition, on the Closing Date, JWC issued
Lind 4,616,123 warrants (the “
Warrants”) to
purchase common shares of JWC, exercisable until March 16, 2022 at
an exercise price of CDN$0.13 per common share. The Warrants are
subject to a four month hold period in accordance with applicable
Canadian securities laws. JWC intends to use the proceeds of the
Convertible Security for general working capital purposes.
Additional information regarding the terms and conditions of the
Convertible Security and the CSA can be found in the news release
of the Company dated March 11, 2020.
As of the Closing Date, JWC granted Lind a security interest in
all current and after acquired property of the Corporation and its
subsidiaries, subject to certain permitted liens, which security is
subordinated to Trichome Financial Corp.’s security interest. James
E. Wagner Cultivation Ltd. and GrowthStorm Inc., the Corporation’s
direct wholly-owned subsidiaries, are guarantors of the obligations
of the Corporation under the CSA.
About James E. Wagner Cultivation
Corporation
James E. Wagner Cultivation Corporation’s wholly owned
subsidiary is a Licensed Producer under the Cannabis
Regulations, formerly the Access to Cannabis for Medical
Purposes Regulations (“ACMPR”). JWC is a
premium cannabis brand, focusing on producing clean, consistent
cannabis using an advanced and proprietary aeroponic platform named
GrowthSTORM™. JWC began as a collective of patients and growers
under the Marihuana Medical Access Regulations (the precursor to
ACMPR). Since its inception, JWC has remained focused on providing
the best possible patient experience. JWC is a family-founded
company with deep roots planted in the local community. JWC’s
operations are based in Kitchener, Ontario. Learn more
at www.jwc.ca.
Notice regarding forward-looking
statements:
This press release contains statements including forward-looking
information for purposes of applicable securities laws
(“forward-looking statements”) about JWC and its
business and operations which include, among other things,
statements regarding JWC and the use of proceeds of funds advanced
under the CSA. The forward-looking information contained in this
news release are based on the Corporation’s current internal
expectations, estimates, projections, assumptions, and beliefs and
views of future events which management believes to be reasonable
in the circumstances, including expectations and assumptions
regarding: general economic conditions, the expected timing and
cost of expanding the Corporation’s production capacity, the
internal opportunities, the development of new products and product
formats, the Corporation’s ability to retain key personnel, the
Corporation’s ability to continue investing in its infrastructure
to support growth, the impact of competition, trends in the
Canadian cannabis industry and changes in laws, rules, and events,
performance or results, and will not necessarily be accurate
indications as to whether, or the times at which, such events,
performance or results will occur or be achieved. The
forward-looking statements can be identified by the use of such
words as “anticipated”, “will”, “expected”, “approximately”, “may”,
“could”, “would” or similar words and phrases. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially
from those implied in the forward-looking statements. For example,
risks include risks regarding the cannabis industry, economic
factors, the equity markets generally, funding and grant related
risks and risks associated with growth and competition as well as
the risks identified in the Corporation’s filings with the Canadian
securities regulators, which filings are available at
www.sedar.com. Although JWC has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results to differ from those anticipated, estimated or intended.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release and are based on current assumptions which management
believes to be reasonable. The Corporation disclaims any intention
or obligation, except to the extent required by law, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Company ContactNathan Woodworth, President
& CEO of JWC(519) 594-0144 x 421nathan@jwc.ca
Investor RelationsJonathan
LeuchsCMA (949) 432-7758 JWCA@cma.team
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