Global  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

True Leaf Medicine raises $4.5M via funding from The Lind Partners

Proactive Investors Thursday, 14 February 2019
True Leaf Medicine International Ltd (CSE:MJ) (OTCQB:TRLFF), a cannabis and hemp company aimed at pets, has struck a funding agreement with The Lind Partners, a New York fund manager, that will raise gross proceeds of $4.5 million. The investment is in the form of convertible security with a maturity date of 24 months and a fixed conversion price per share of $0.40, the last closing price of the company’s common shares on the Canadian Securities Exchange prior to execution of the funding agreement. “This capital investment from The Lind Partners demonstrates that True Leaf is a recognized leader in today’s cannabis-for-pets sector and is testament to our strong and accelerating growth platform,” said Darcy Bomford, founder and CEO of True Leaf. “This investment will allow us to continue executing on our business plan, including expanding our unique pet product lines and scaling of our global distribution.” READ: Valens GroWorks boosts extraction capacity to 240,000 kilograms annually Phillip Valliere, managing director at The Lind Partners, was equally enthused about the investment. “True Leaf’s safe and effective hemp-based products for pets sets them apart from their competitors. We are excited to watch True Leaf grow,” Valliere said in a statement. The $5.4 million face value of the convertible security is comprised of a principal amount of $4.5 million and a pre-paid interest of $900,000. The company is required to repay the principal amount in 18 equal monthly payments, starting six months after the deal’s closing, with one caveat. The repayment amount will be reduced in any month, by any amount converted by Lind Partners into the company’s common shares. The investor will also receive 5.625 million warrants of the company, with each warrant entitling the investor to purchase one common share at an exercise price of $0.5089. The warrants expire 36 months from their date of issue in most cases. Under the funding agreement, True Leaf and Lind Partners may reach an agreement for Lind to advance up to an additional $6 million in gross proceeds in exchange for a second convertible security on the same terms as the first investment. Headquartered in Vernon, British Columbia, True Leaf is a cannabis and hemp wellness company geared at pets. The Lind Partners is a New York-based institutional fund manager focused on small and mid-cap companies and high-growth sectors such as mining, oil and gas, biotech and technology. Lind has completed over 70 direct investments, worth more than a combined $850 million. True Leaf shares slipped 3.75% to finish at C$0.39 on Wednesday. Contact Ellen Kelleher at ellen@proactiveinvestors.com
0
shares
ShareTweetSavePostSend
 

You Might Like


Recent related videos from verified sources

Exit Realty Select Partners - 3/12/19 [Video]Exit Realty Select Partners - 3/12/19

Deanna Powers, Realtor, Exit Select Partners, and Michael Martin, Exit Select Partners, talk about current mortgage interest rates and how buyers can benefit from them. For more information, please..

Credit: FOX 47 News Michigan     Duration: 02:59Published

Nissan LEAF e+ Overall Animation [Video]Nissan LEAF e+ Overall Animation

Nissan has announced a wave of new versions and upgrades to the Nissan LEAF electric vehicle (EV) range, making Europe's top-selling 100% electric car more appealing than ever. Following the runaway..

Credit: AutoMotions     Duration: 00:53Published

True/False: Programming a Diverse, Inclusive Film Fest [Video]True/False: Programming a Diverse, Inclusive Film Fest

Newsy talked with some programmers of the 2019 True/False Film Fest to learn about making film festivals more inclusive and diverse.

Credit: Newsy Studio     Duration: 04:00Published

Trump To Focus On Advancements In AI In Order To Compete With China [Video]Trump To Focus On Advancements In AI In Order To Compete With China

President Donald Trump called on the US to prioritize advancements in artificial intelligence in a new executive order. Trump, however, did not allocate any funds for the effort, but told aides to..

Credit: Wochit     Duration: 00:46Published

Pure Leaf Releases New Herbal Iced Teas [Video]Pure Leaf Releases New Herbal Iced Teas

Those yearning for an early taste of spring are in for a real-brewed delight. Pure Leaf announced today the launch of Pure Leaf Herbal Iced Teas, a new line of premium iced teas that are caffeine free,..

Credit: MultiVu     Duration: 00:32Published

Ocasio-Cortez Opposed Democrats' Spending Bill Because It Would Fund ICE [Video]Ocasio-Cortez Opposed Democrats' Spending Bill Because It Would Fund ICE

Rep. Alexandria Ocasio-Cortez was the only House Democrat to vote against a bill to fund the government and end the government shutdown on Wednesday. Business Insider repots the New York Democrat said..

Credit: Wochit     Duration: 00:40Published


Recent related news from verified sources

European Lithium sees massive opportunity to secure Wolfsberg Lithium Project financing through €1 billion funding program

European Lithium Ltd (ASX:EUR) has entered into discussions with several European banks to secure project financing for its Wolfsberg Lithium Project and...
Proactive Investors

BlackArch Partners Advises Mobile Communications America on its Sale to Sentinel Capital Partners

BlackArch Partners LLC is pleased to announce that it has advised Mobile Communications America and WJ Partners on the sale of MCA to Sentinel Capital...
PRWeb


Tweets about this


Other recent news in Business

Companies join forces to create NEW ZEALAND forestry portfolioThe Tesla MODEL Y has staggering specs — but it isn't a major new design for Tesla (TSLA)
ICC condemns CHRISTCHURCH shootings, backs cancellation of New Zealand-Bangladesh TestBad dog: When the regulatory watchdog gets captured by big BUSINESS
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.