Dec. 6, 2016 –$0.62
CALGARY, Dec. 6, 2016 /CNW/ - Maple Leaf Green World (MGW-V) ("Maple Leaf" or the "Company") announces that the Company has arranged a non-brokered private placement of convertible debentures (the "Debentures") for an aggregate principal amount of up to CAD $2 million with a leading capital fund company based in Toronto, as lead subscriber. The Debentures will bear interest from the date of closing at a rate of 8% per annum, payable semi-annually on June 30 and December 31, and will mature two years after closing of the offering. The Debentures will be convertible at the option of the holder into common shares of the Company at any time prior to the close of business on the maturity date at a conversion price of $0.70 per common share, subject to adjustment in certain events. In addition, beginning on the date that is four months and one day following the closing of the offering, the Company has the right to force the conversion of any outstanding Debentures at the conversion price in the event the daily volume weighted average trading price of Maple Leaf's common shares equals or exceeds $1.20 for any 10 consecutive trading days. The Debentures will be secured by a charge upon all of the assets of the Company.
Subject to the completion of the offering, the lead subscriber has the right to participate for up to CAD $3 million of any future offering of debt, equity or equity-based securities of the Company for a period of twelve (12) months from the closing of the offering.
The Debentures and any common shares issuable upon conversion or exercise thereof, as applicable, will be subject to a statutory hold period lasting four months and one day following the closing of the offering.
The company intends to use the net proceeds of the private placement for its Las Vegas and San Diego cannabis projects and for general corporate purposes. The private placement is subject to certain other conditions including, but not limited to, the receipt of all stock exchange and other necessary regulatory approvals.
New Co-Chief Grower – Las Vegas Project
Further to the Company's November 29th press release, the management is very pleased to welcome Mr. Matt Bubba Berger, a long time partner with Mr. Paul Holbert to join us as Co- Chief Grower for the Company's Las Vegas project. He has been cultivating cannabis for over 25 years, developing genetics, gathering awards, and starting cannabusinesses along the way. He co-founded, with Paul Holbert, one of the first dispensaries in Denver, Colorado, the original Cannaseur Dispensary, and has built, managed and operated several cannabis cultivation facilities. He is one of the five "godfathers of the Kush" when they discovered and named the original Kush in 1992, which Matt took to LA and made the strain what it is today, which has become known as OG Kush and also the 92 OG. The OG Kush is the strain that High Times Magazine named the "#1 Cannabis Strain of All Time". Bubba also created Bubba Kush in 1997. Between the OG Kush and the Bubba Kush, those two lineages account for as much as 70% of the genetics available in North America today.
For further information regarding Maple Leaf Green World Inc., please visit the www.mlgreenworld.com.
About Maple Leaf Green World Inc.
Maple Leaf is a Canadian company that focuses in the agricultural/environmental industry with four main areas of activity:
- Canadian MMPR - It pursues opportunities within the medical cannabis industry. If and when a MMPR license is obtained and through an agreement to lease a greenhouse facility with Woodmere Nursery Ltd., it will become a Canadian producer. It is currently seeking Canadian MMPR licensed producer status to grow medical cannabis in Canada for domestic consumption and export to approved countries.
- California Project – It pursues opportunities within the medical cannabis industry in various States that have legalized marijuana. It is currently in a joint venture with a California non-profit collective.
- Eco-Agriculture - it pursues several projects around the world. In China, it is focused on growing value-added tree seedlings and nursery products that assist with anti- desertification.
Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by Maple Leaf. There is no assurance that sufficient financing can be raised or that permits will be available to allow the Company to carry out its current projects on a timely basis.
Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the agricultural industry (and in particular, the medical marijuana business), and the status of, and ability to capitalize on, opportunities available to the Company as well as the business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and may affect Maple Leaf's operations, including, but not limited to: the impact of general economic conditions; industry conditions; the availability of equity or debt financing; government and regulatory developments including availability of requisite licenses; product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will occur, or if any of them do occur, what benefits Maple Leaf will derive therefrom.
SOURCE Maple Leaf Green World Inc.
For further information: Maple Leaf Green World Inc., Raymond Lai, Chairman, President & CEO, +1(403) 452-4552, +1(403) 452-6900, email@example.com, www.mlgreenworld.com