Cannabis Kinetics completes USD420,000 of financing.
M2 EQUITYBITES-November 3, 2014-Cannabis Kinetics completes USD420,000 of financing
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Cannabis Kinetics Corp (OTCQB: CANK), an emerging fully integrated cannabis management company, reported on Friday that it has completed several tranches of an on-going financing strategy.
According to the company, a total of USD420,000 has been raised from 15 investors in exchange for 35,000 shares of Series B convertible preferred stock (Series B shares), to date.
Reportedly, Series B Shares pay a dividend of 4% per annum and are convertible at any time at the option of the holder into shares of common stock of the company at a conversion ratio of 24 shares of common stock for each Series B share.
The company said that it expects to complete additional rounds of funding in the near future towards the short-term goal of financing the scheduled cash payments for The Big Tomato acquisition and several other Cannabis Kinetics and Monarch brand development initiatives.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Nov 3, 2014|
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