TORONTO, May 5, 2020 /CNW/ - All Js Greenspace LLC ("All Js") today announces that it has provided US$400,000 of debt financing to Green Growth Brands Inc. (the "Borrower") pursuant to a secured demand promissory note (the "Note").
All Js beneficially owns an aggregate of 63,931 proportionate voting shares of the Borrower ("PV Shares") on a non-diluted basis and 192,459 PV Shares on a partially-diluted basis (representing 100% and 100%, respectively, of the Borrower's issued and outstanding PV Shares) and an aggregate of 38,178,086 common shares of the Borrower ("Common Shares") on a non-diluted basis and 135,311,386 Common Shares on a partially-diluted basis (representing approximately 18.5% and 39.6%, respectively, of the Borrower's issued and outstanding Common Shares). Included in the foregoing partially-diluted calculations are an aggregate of 903,800 warrants to acquire Common Shares and US$20,599,000 principal amount of debentures which, pursuant to a supplemental debenture indenture made effective as of March 6, 2020, is convertible into 128,528 PV Shares.
All Js may in the future, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of the Borrower through market transactions, private agreements, treasury issuances, exercise of warrants or otherwise. In this regard, All Js is discussing with the Borrower various alternatives to provide additional financing to fund the Borrower's ongoing expenditures and business plan in the near and mid term. All Js reserves the right in its sole discretion to provide additional financing in any manner or subject to certain conditions (which could lead to changes to the capital or governance structure of the Borrower), or to not provide the Borrower with additional funds.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. Based upon publicly available information, the Borrower's head office is 4300 E. Fifth Avenue, Columbus, Ohio 43219.
Certain statements contained in this press release, including statements regarding the possibility that All Js may in the future increase or decrease its control or direction over securities of, or provide additional financing to, the Borrower, contain "forward-looking statements" and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects", "intends", "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include that the business and economic conditions affecting the Borrower's operations will continue substantially in the current state, and that there will be no unplanned material changes to the Borrower's facilities, operations and customer and employee relations. All Js cautions that the foregoing list of material factors and assumptions is not exhaustive. Many of these assumptions are based on factors and events, including expected cash flows of the Borrower, that are not within the control of All Js, and there is no assurance that they will prove correct. Consequently, there can be no assurance that the actual results or developments anticipated by All Js will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, the Borrower and its future results and performance. Forward-looking statements in this press release are based on All Js' beliefs and opinions at the time the statements are made, and there should be no expectation that these forward-looking statements will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and All Js disavows and disclaims any obligation to do so, except as required by applicable law.
SOURCE All Js Greenspace LLC
For further information: To receive a copy of the early warning report filed in respect of the above matters, please contact Michael Broidy at 614-449-4200 or [email protected]