CROP closes private placement of USD4m debentures units.
M2 EQUITYBITES-February 27, 2019-CROP closes private placement of USD4m debentures units
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CROP Infrastructure Corp (CSE:CROP) completed its non-brokered private placement offering of USD4m senior secured convertible debenture units, it revealed on Tuesday.
Also, as per the transaction, the company issued the above principal amount of debenture units and a total of 13,333,333 share purchase warrants (each, a warrant) with each warrant allowing the holder thereof to acquire one common share of the company (each, a warrant share) at USD0.50 per warrant share for a period of 3 years from the date of the closing of the offering.
The proceeds will be used to continue to grow the company's US operations, as well as for general working capital purposes. Further, all securities issued under the offering are subject to a restricted period of four months and one day.
Crop Infrastructure invests in, constructs, owns and leases greenhouse facilities to provide real estate solutions for lease to licensed cannabis producers and processors in California and Washington, the US. Its portfolio consists of 44,000 sq ft of canopy. Dormerly known as Fortify Resources Inc. it changed its name in March 2018. Incorporated in 2011, it is headquartered in Vancouver, Canada.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 27, 2019|
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